Auditing and Assurance Services (16th Edition) question 7-29 objective (7-4) The following audit procedures were performed in the audit of inventory to satisfy specific balance-related audit objective as discussed in chapter 6. The audit procedures assume that the auditor has obtained the inventory count sheets that list the clients inventory. The general balance-related audit objectives from chapter 6 are also included.

Audit procedures

6) examine sales invoices and contracts with customers to determine whether any goods are out on consignment with customers. Similarly, examine vendors in-voices and contracts with vendors to determine whether any goods on the inventory listing are owned by vendors.

7) question operating personnel about the possibility of obsolete or slow-moving inventory. General balance-related audit objective existence,completeness,accuracy,classification,cutoff,detail tie-in,realizable vaule,rights and obligations

a) identify the type of audit evidence used for each aduit procedure.

b) identify the general balance-related audit objective or objectives satisfied by each audit procedure.