Much of the testing of property, plant, and equipment and intangible assets can be done in advance of the balance sheet date. This approach is often more efficient as auditors and clients can schedule a mutually agreeable time--one that is less in conflict with demanding peaks of end of the year/period schedules. Especially in the case of a new client, the arduous task of establishing the beginning asset balances can be done at an interim date. CONCEPT REVIEW:As with any business cycle that has peak demand periods and tight deadlines, auditors need to learn to optimize their workload by moving work, as much as it is possible, to non-peak times. Property accounts, because of their balance sheet placement, are usually tested at year-end; however, because clients make additions and disposals at varying times during the year, it can be convenient and efficient for auditors to test at an interim date and then update at year-end.1.value:10.00 pointsNote: This question will not be automatically graded. It will be sent to your instructor for review. BACKGROUND:Like many cyclical businesses, auditors (and clients) have periods of each year with peak demand on their time. In order to remain efficient, effective, and deliver high-quality client service, many auditors have shifted some of the work to other, less demanding times of the year. Property and its related accounts is a good example of work that can easily be shifted. Clients may make acquisitions at varying times through the year, allowing the auditor to test activity to date as of an interim date. At year-end, procedures can be performed to roll forward from the interim date to the period being opined on. Very Best CPA is conducting a second year audit on its client, Advanced Manufacturing, Inc. The client's lender, State Bank, has asked for the financial statements 30 days earlier than prior periods in order to meet internal compliance deadlines. As a result, Very Best is concerned about its ability to finish the audit in a timely manner. One Very Best partner suggested that the audit team could audit property and its related accounts as of 09/30/XX, 3 months earlier than the year end of 12/31/XX. Very Best had never taken this approach previously, so this idea was listed as an item to be discussed in the auditor-client planning meeting to be held. What is the advantage of testing property and its related accounts as of an interim date?