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Author Question: When there are no perpetual inventory files and inventory is material, (Read 18 times)

Aimless0988

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on: Aug 21, 2022

Question 1

When may auditors observe the physical inventory count?
◦
At an interim dateAt year-end
YesYes

◦
At an interim dateAt year-end
NoNo

◦
At an interim dateAt year-end
YesNo

◦
At an interim date At year-end
NoYes


Question 2

When there are no perpetual inventory files and inventory is material,
◦ an audit cannot be performed, so the auditor must issue a disclaimer.
◦ a physical inventory should be taken by the client near the end of the accounting period.
◦ the auditor will have to perform the inventory count and determine valuation.
◦ the auditor need not observe inventory counts but must do test counts.
Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition
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Marked as best answer by Aimless0988 on Aug 21, 2022

furthoh

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Reply #1 on: Aug 21, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Aimless0988

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Reply 2 on: Aug 21, 2022
Great answer, keep it coming :)

lcapri7

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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