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Author Question: Which of the following is an accurate statement regarding the audit of pricing and compilation of inventory? (Read 73 times)

camac77

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on: Aug 21, 2022

Question 1

The test of details of balance procedure which requires the auditor to perform tests of lower of cost or market, selling price, and obsolescence is an attempt to satisfy the objective of
◦ existence.
◦ completeness.
◦ accuracy.
◦ realizable value.

Question 2

Which of the following is an accurate statement regarding the audit of pricing and compilation of inventory?
◦ Inventory compilation tests include all of the tests of the client's unit prices to determine whether they are correct.
◦ The review for obsolete inventory should be performed by the accounting department.
◦ The most important internal control for accurate unit costs is external verification by an outside consultant.
◦ Inventory compilation internal controls are needed to ensure that the physical counts are correctly summarized and priced.
Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition
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Marked as best answer by camac77 on Aug 21, 2022

queenBea90

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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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camac77

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

upturnedfurball

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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