Lois is evaluating the ICFR for Pawtucket Patriot Brewery. She is examining an activity that occurs periodically,
Question:
Required:
a. Classify this inventory observation activity using the AS 2 groupings of: routine, non routine, estimating.
b. As Lois reads through the client’s plan for the inventory count what processes and procedures should she be looking for? Why? What are the assertions that are important to address for this account and with this client control?
c. Is there one or more audit steps you think Lois should conduct while the client counts inventory? List them.
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Related Book For
Auditing and Assurance Services Understanding the Integrated Audit
ISBN: 978-0471726340
1st edition
Authors: Karen L. Hooks
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