Jawaban:

The substantive tests that Pierce should use are:

1. Inspection: Pierce should inspect the mobile construction equipment to verify its existence, condition, and location.

2. Verification of depreciation: The auditor should test whether the amount of depreciation recorded for each asset in the financial statements is correctly calculated by reviewing the method and rate used for depreciation.

3. Confirmation: Pierce should confirm with the entity's vendors or lessors the acquisition or disposal of the equipment during the period under audit.

4. Analytical review: Pierce should compare the depreciation expense and accumulated depreciation balances with prior year balances and investigate significant fluctuations.

5. Observation: The auditor should observe the condition and use of the equipment to determine if it matches the depreciation rates used in the financial statements.

By performing these substantive tests, Pierce can obtain sufficient and appropriate evidence to support the accuracy and completeness of the mobile construction equipment and related depreciation in Mayfair Construction Incorporated's financial statements.

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