If the auditors can determine that all goods in the physical inventory have been accurately counted and

Question:

“If the auditors can determine that all goods in the physical inventory have been accurately counted and properly priced, they will have discharged fully their responsibility with respect to inventory.” Evaluate this statement.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Principles of Auditing and Other Assurance Services

ISBN: 978-0078025617

19th edition

Authors: Ray Whittington, Kurt Pany

See More Books

Question Posted: Oct 27, 2014 04:56 AM

See More Questions

With one exception, auditors do not have a responsibility to continue their review of subsequent events beyond the audit report date. What is that exception?
Auditors have a responsibility related to managements disclosure of new information related to subsequent events until a. The date of the financial statements. b. The date of the auditors report. c....
In general, what responsibility do auditors have to investigate whistleblower allegations that relate to the material accuracy of an audit clients financial statements?
3. Six Sigma College of Business offers five different courses of study. The planned enrollment in each course is 25 students. Registration for the upcoming semester of study has been recently...
Suppose the string in the preceding exercise breaks and the stone slows in its upward motion. Draw a force vector diagram of the stone when it reaches the top of its path.
For each of the following consumer products, identify the type of vertical marketing system used, and justify your answer: (a) Bertolli pasta sold through grocery stores, (b) Krispy Kreme donuts sold...
A 2-m-diameter pipe made of finished concrete lies on a slope of 1-m elevation change per $1000-\mathrm{m}$ horizontal distance. Determine the flowrate when the pipe is half full.
Barry Boswell is a financial analyst for Dossman Metal Works, Inc. and he is analyzing two alternative configurations for the firms new plasma cutter shop. The two alternatives that are denoted A and...
What are the common issues encountered when scaling chemical processes from laboratory-scale to pilot-scale and ultimately to full-scale production, and how can they be mitigated ?
To keep up with current trends and demands, a supermarket has to mix its merchandising sources. Suggest five product lines from each of the following categories. a. Company-owned. b. Outside,...
Darnell Equipment Company uses the LIFO method of valuation for part of its inventories and weighted-average cost for another portion. Would you be willing to issue an unqualified opinion under these...
How do the independent auditors use the clients backlog of unfilled sales orders in the examination of inventories?
Visit the websites of the major international accounting firms. Identify nontraditional services currently marketed by these firms. List several of these services and briefly describe their nature....
Select the letter that labels the cell type or structure named or described below.
On January 1, 2022, you plan to sell shares for $100,000- cost of these shares was $50,000. Then you plan to lend $100,000 cash to your spouse, who will put the money in an investment and earn $4000...
Your newborn child will need $100,000 for college expenses in 18 years. If the maximum you can save every month is $350, what annual rate of return must you earn on your investments to reach this...
A runner is jogging at a constant speed of 3.2 miles per hour. a. Find the distance d that the runner jogs as a function of the time spent jogging t. Call this function d (t). Use *, an asterisk, for...
12. A chicken nugget manufacturer is balancing the fines of making consumers sick against the costs of increasing the quality of their ingredients. They're trying to minimize that cost and have...
Use the given molar solubilities in pure water to calculate K sp for each compound. a. MX; molar solubility = 3.27 * 10 -11 M b. PbF 2 ; molar solubility = 5.63 * 10 -3 M c. MgF 2 ; molar solubility...
6 (a) Briefly develop a mathematical model of the behaviour of a copper-twisted pair cable (b) Derive the magnetic energy from: w given that: K + w, where the - - k symbols have their usual meaning...
You have placed a sell market-on-open ordera market order that would automatically be submitted at the markets open tomorrow and would fill at the market price. Your instruction, to sell the shares...
What is a cutoff bank statement? How do auditors use it?
What is a cutoff bank statement? How do auditors use it?
How can a proof of cash reveal unrecorded cash deposit and cash payment transactions?
On January 1, 2023, Bertrand, Incorporated, paid $86,900 for a 40 percent interest in Chestnut Corporation's common stock. This investee had assets with a book value of $229,500 and liabilities of...
Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates: Direct labor-hours required to support estimated production Machine-hours...
Explain the concept of gene-environment interactions, and how these interactions influence the expression of complex traits and the risk of developing multifactorial diseases ?

If the auditors can determine that all goods in the physical inventory have been accurately counted and

Question:

Step by Step Answer:

Auditor has important function which is very beneficial for the developm...View the full answer

Principles of Auditing and Other Assurance Services

Students also viewed these Auditing questions