Explain dual- direction sampling in the context of inventory test counts.
Answer to relevant QuestionsWhat inventory information should auditors document?An auditor reviews job cost sheets to test which transaction assertion? a. Occurrence. b. Completeness. c. Accuracy. d. Classification.Which of the following internal control activities most likely addresses the completeness assertion for inventory? a. The work- in- process account is periodically reconciled with subsidiary inventory records. b. Employees ...When testing a company’s cost accounting system, the auditor uses procedures that are primarily designed to determine that a. Quantities on hand have been computed based on acceptable cost accounting techniques that ...The diagram in Exhibit 9.47.1 describes several cost accounting tests of controls. It shows the direction of the tests, leading from samples of cost accounting analyses, management reports, and the general ledger to blank ...
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