The primary objective of a CPAs observation of a clients physical inventory count is to: a. Discover
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The primary objective of a CPA’s observation of a client’s physical inventory count is to:
a. Discover whether a client has counted a particular inventory item or group of items.
b. Obtain direct knowledge that the inventory exists and has been properly counted.
c. Provide an appraisal of the quality of the merchandise on hand on the day of the physical count.
d. Allow the auditor to supervise the conduct of the count to obtain assurance that inventory quantities are reasonably accurate.
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Related Book For
Auditing A Practical Approach with Data Analytics
ISBN: 978-1119401742
1st edition
Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton
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