What is the correct order in which one should perform the audit procedures to complete the roll-forward testing?
(i) Reconcile the opening balance to the prior year audited balance.
(ii) obtain the supporting document third party vendor invoice and agree details per invoice additions detail
(iii) Reconcile the ending balance to the general ledger
(iv) identify the current year PPE activity populations i.e. new/addition to PPE and disposals during the period.
(v) Reconcile current year PPE activity populations to substantive testing procedures performed in other working papers
(vi) If any differences are noted, raise a review note for the engagement team to investigate.
(vii) Obtain the supporting document disposal- sale invoice trace and agree the disposal asset information from the supporting documentation to the disposals detail
A. The correct order of the procedures performed are: (iv), (v),(vii),(ii) and (iii)
B. The correct order of the procedures performed are: (i), (iv), (vii), (ii), and (iii)
C. The correct order of the procedures performed are: (i), (iii), (iv), (v) and (vi)
D. The correct order of the procedures performed are: (iv), (vi), (ii), (vii) and (vi)