Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 03 Aug 2017 My Price 9.00

ACE Corporation

Statistical Sampling Used to Estimate Inventory

ACE Corporation does not conduct a complete annual physical count of purchase part and supplies in its principal warehouse but uses statistical sampling to estimate the yearend inventory. ACE maintains a perpetual inventory record of parts and supplies. Management believed that Statically Sampling is highly effective in determining inventory values and is sufficiently reliable, making a physical count of each item inventory unnecessary.

Require

a) List at least 10 normal audit procedures that should be performed to verify, physical qualitative whenever a client conducts a period a physical count of all or part of its inventory

b) Identify the audit procedures you should use that changes or are in addition to normal requirement audit procedures( in addition to this listed in your solution to part a) when a client utilizes statistical sampling to determine inventory value and does not conduct a 100 percent annual physical count of inventory item

Answers

Maurice Tutor
(5)
Status NEW Posted 03 Aug 2017 07:08 PM My Price 9.00

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