Case study 2- Week 10 Following are audit procedures commonly performed in the inventory and warehousing cycle for a manufacturing company: 1. Eompare the client's count of physical inventory at an interim date with the perpetual inventory master file. 2. Trace the auditor's test counts recorded in the working papers to the nal inventory compilation and compare tag number, description and quantity. 3. Eompare the unit price on the final inventory summary with vendor's invoices. 4. Read the client's physical inventory instructions and observe whether they are being followed by those responsible for counting the inventory. 5. Account for sequence of raw materials requisitions and examine each requisition for an authorized approval. 5. Trace the recorded additions on the finished goods perpetual inventory master le to the records for completed productions. 1 Account for a sequence of inventory tags. and trace each tag to the physical inventory to make sure it actual exists. Discuss: 1. Identify whether each procedure is primarily a test of control or a substantive test. 2. State the purpose is] of each procedure