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Category > Accounting Posted 26 May 2017 My Price 6.00

Auditing standards require the auditor to observe the

11-67     LO 8 Auditing standards require the auditor to observe the

client’s physical  inventory.  That  requirement  could  be met by observing the client’s annual physical count of inventory and, in some circumstances,  by observing inventory     in

connection with tests of the accuracy of the client’s perpetual inventory.

a.       What major purpose is served by requiring the auditor to observe the client’s physical inventory count? What are the pri- mary assertions for which the auditor gains evidence during the inventory observation?

b.       Identify at least five items related to inventory that the auditor should be looking for and should document during the obser- vation of the client’s inventory.

c.       How does the observation process differ when the client takes a complete physical count at or near year end versus when physi- cal counts are taken throughout the year to test the accuracy of the perpetual records?

 

Answers

Alpha Geek
(8)
Status NEW Posted 26 May 2017 03:05 PM My Price 6.00

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file 1495813882-Answer.docx preview (247 words )
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