The following are specific presentation and disclosure-related audit objectives applied to presentation and disclosure for fixed assets (a through d) and management assertions (1 through 4).

Specific Presentation and Disclosure-Related Audit Objective

a. All required disclosures regarding fixed assets have been made.

b. Footnote disclosures related to fixed assets are clear and understandable.

c. Methods and useful lives disclosed for each category of fixed asset are accurate.

d. Disclosed fixed asset dispositions have occurred.

Management Assertion about Presentation and Disclosure

1. Occurrence and rights and obligations

2. Completeness

3. Accuracy and valuation

4. Classification and understandability

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