For each of the following potential misstatements for inventories, identify a necessary control.

1. Failure to record goods received 

2. Unreliable count procedures during a physical inventory count 

3. Inappropriate basis for determining inventory costs 

4. Unauthorized removal of goods from inventory 

5. Insufficient extent of comparison between physical inventory count and inventory records

Answer rating: 100% (QA)

Here are the potential misstatements for inventories along with their corresponding necessary controls Failure to record goods received Necessary Cont... View the full answer