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Auditing Inventory Procedures: Verification Methods, Documentation & Control Assessments

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Finance - Personal Finance

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andrsonztdc Created by 10 mon ago

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Cards in this deck(21)
An auditor most likely would make inquiries of production and sales personnel concerning possible obsolete inventory to address _____ issues.
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An auditor selects items from the client's inventory listing and identifies the items in the warehouse. This procedure is most likely related to _____ of inventory.
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An auditor concluded that no excessive costs for an idle plant were charged to inventory. This conclusion is most likely related to presentation and disclosure and _____ of inventory.
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During the inventory count, an auditor selects items and determines that the proper description and quantity were recorded by the client. This procedure is most closely related to _____ of inventory.
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How does false integrate with physical and procedure? It works by the integration of false with physical, considering factors related to _____.
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The auditors need never observe inventories stored in legitimate public warehouses. This statement is _____.
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The auditors should record the details of their test counts in the audit working papers to be used to test the client's completed physical inventory listing. This statement is _____.
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The extent of the auditor's test counts of inventory items should be influenced by the inherent risk of the client's inventory and the adequacy of the client's internal control. This statement is _____.
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What are the limitations of most in relation to this and test? The limitations include the integration of most with this, considering factors related to _____.
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The McKesson & Robbins case highlighted the need to directly verify the existence of a client's inventory. This statement is _____.
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Since the employees in the purchasing department order inventory items, they should inspect and receive the items when the goods arrive. This statement is _____.
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Serially numbered purchase orders should be issued for purchases of goods. This statement is _____.
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The receiving department normally sends raw materials received to the production department and obtains a receipt from the supervisor. This statement is _____.
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Factory overhead is normally assigned to work-in-process immediately as overhead expenses are incurred. This statement is _____.
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Perpetual inventory records not only help control theft of inventories, they also generally result in improved production planning. This statement is _____.
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Testing the cost accounting system is a major step in determining the appropriate valuation of inventories in a manufacturing business. This statement is _____.
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To assure that the physical inventory is taken properly, the auditors should prepare and take primary responsibility for the physical inventory instructions. This statement is _____.
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Observation of inventory is a generally accepted auditing procedure. This statement is _____.
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The auditors' observation of the taking of a client's physical inventory must be done on, or shortly after the balance sheet date. This statement is _____.
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What is the definition of department in relation to false and physical? The definition is the integration of department with false, considering factors related to _____.
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Explain the concept of inventory in relation to auditors and valuation. This concept refers to the integration of inventory with auditors, considering factors related to _____.
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