(A) Effluxion of time

(B) Use

(C) Obsolescence through technology be market changes

(D) Remarket expectation

(A) Expenses paid on installation of a plant.

(B) Cost of dismantling a building in case a new building is to be constructed on the land

(C) Legal expenses incurred to defend a suit related to title of patent. The suit has been lost

(D) The fees paid to engineer who constructed the plant.

(A) Brokers bought notes

(B) Brokers Sold notes

(C) Minutes book

(D) Inventory of investment

(A) Bought notes

(B) Credit notes

(C) Goods inward book

(D) Cash book

(A) Title Deed

(B) Correspondence with the brokers

(C) Building Account

(D) Cash book

(A) Piece Work Statement.

(B) Wage sheets

(C) Minutes book

(D) Bank pass book.

(A) Reduce inherent risk

(B) Identify problem areas

(C) Evaluate reasonableness of estimates

(D) Evaluate appropriates of GAAP.

(A) A flowchart of the internal controls

(B) Organisation charts

(C) A copy of financial statements

(D) Copies of bond and debentures

(A) The working papers may be obtained by third parties when they appear to be relevant to issues raised in litigation

(B) The safe custody of working papers is the responsibility of client, if kept at his premises

(C) The working papers must be retained by an audit firm for a period of 10 years

(D) Successor auditors may have access to working papers of the predecessor auditors. The approval of client is not required.

(A) They document the level of independence maintained by the auditor

(B) They should be considered as the principle support for the auditor’s report

(C) They should not contain details regarding weaknesses in the internal control system

(D) They help the auditor to monitor the effectiveness of the audit firm’s quality control