When a client uses perpetual inventory records, the tests of ...

[kmoyer2]

Question 1

The test of transactions which requires one to "reconcile recorded cash disbursements with the cash disbursements on the bank statement" satisfies the objective of
◦ occurrence.
◦ completeness.
◦ accuracy.
◦ posting and summarization.

Question 2

When a client uses perpetual inventory records, the tests of details of balances for inventory can be significantly reduced if the auditor believes the records are accurate. The controls over the acquisitions included in the records are normally tested as a part of the
◦ tests of controls for acquisitions.
◦ tests of controls and substantive tests of transactions for acquisitions.
◦ tests of details of balances for acquisitions.
◦ analytical procedures and tests of controls for acquisitions.

[bball_babe_123]

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[kmoyer2]

Thanks for the timely response, appreciate it

[amcvicar]

Excellent