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Which the audit procedure provides evidence

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Reference no: EM132753060

As part of the audit of tangible non-current assets, the auditor of Lowe Co has performed an audit procedure which involved the physical inspection of a sample of the company's fixtures and fittings for signs of impairment.

Problem 1: The audit procedure provides evidence on which of the following assertions?

(i) Existence
(ii) Rights and obligations
(iii) Valuation

Option 1: (i) only

Option 2: (i) and (ii)

Option 3: (ii) and (iii)

Option 4: (i) and (iii)

Reference no: EM132753060

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