(Solution) 13-32. Select The Most Appropriate Audit Procedure From The List Below. An Audit Procedure May Be Selected Once, More Than Once, Or Not At All. Audit... | Snapessays.com


(Solution) 13-32. Select the most appropriate audit procedure from the list below. An audit procedure may be selected once, more than once, or not at all. Audit...


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Northcentral University

 

ACC7020-8 Auditing and Assurance Services 8e13-32.

 

Select the most appropriate audit procedure from the list below.

 

An audit procedure may be selected once, more than once, or not at all.

 

Audit Procedure

 

1.

 

Examine currnt vendor price lists.

 

2.

 

Review drafts of the finqncial statements

 

3.

 

Select a sample of items during the physical inventory count and determine

 

that they have been included on count sheets.

 

4.

 

Select a sample of recorded items and examine supporting vendor

 

invoices and contracts.

 

5.

 

Select a sample of recorded items on count sheets during the physical

 

inventory count and determine tht items are on hand.

 

6.

 

Review loan agreements and minutes of board of directors; meetings.

 

Specific Assertion

 

Audit procedure

 

a.

 

Ensure that the entitiy has legal title to inventory (rights and

 

obligations)

 

b.

 

Ensure that rcorded inventory quantitie include all products

 

on hand (completeness)

 

c.

 

Verify that inventory has been reduced, when appropriate, to

 

replacement cost or net realizable value (valuation)

 

d.

 

Verify that the cost of inventory has been properly

 

determined (accuracy)

 

e.

 

Verify that the major categories of inventory and their bases

 

of valuation are adequately reported in the financial statements

 

(completeness and accurance and valuation for presentation

 

and disclosures)

 


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This question was answered on: May 23, 2022

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