Reference no: EM133228443

Plant and equipment are not as inherently risky as are other assets, such as inventories and accounts receivable. However, a company should still endeavor to maintain effective internal control over plant and equipment.

Address the following in your discussion post:

• Describe the principal purpose of internal controls relating to plant and equipment.
• List and describe four major controls applicable to plant and equipment.
• Describe two ways that the auditors obtain evidence that there are no significant amounts of unrecorded retirements of property (land).
• Describe three ways that the auditors obtain evidence that there are no significant amounts of unrecorded retirements of equipment.