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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)
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