Fraudulent financial reporting by COY notes the many ways in which long lived assets can be fraud overstated, including: • Fictitious assets on the books (WorldCom) • Improper and incomplete depreciation (Waste ManIgen* • Failure to record impairment of assets, especially gooAill(Sa Microsystems) • Expired or worthless assets left on a company’s ho, (Millacron) • Assets overvalued upon acquisition, especially in the ;fleeing of a company (WorldCom) What substantive audit procedures might have detected these frauds?
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