Author Question: If a client intends to count inventory at an interim date, the auditor should expect there to be all ... (Read 42 times)

knemetz3 · **on:** Aug 21, 2022

Question 1

From which of the following evidence-gathering audit procedures would an auditor obtain most assurance concerning the existence of inventories?
◦ observation of physical inventory counts
◦ written inventory representations from management
◦ confirmation of inventories in a public warehouse
◦ auditor's recomputation of inventory extensions

Question 2

If a client intends to count inventory at an interim date, the auditor should expect there to be all of the following except
◦ controls over the preparation and maintenance of perpetual inventory records.
◦ competent personnel assigned to count the inventory.
◦ third-party inventory counting specialists.
◦ an adequately designed plan to count the inventory.

mamboz · **Reply #1 on:** Aug 21, 2022

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