Identify four control weaknesses in the inventory system. Explain how each control weakness may affect the...
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Identify four control weaknesses in the inventory system. Explain how each control weakness may affect the financial statements (i.e. which accounts and assertions are at risk) and identify the audit procedures to test the account(s) and assertion(s) that are at risk. You are required to present your answers according to this format: (16 marks) 1 23 etc Identify a control weakness How the weakness may affect Audit procedures to test the financial statements account(s) and assertion(s) that are at risk Identify four control weaknesses in the inventory system. Explain how each control weakness may affect the financial statements (i.e. which accounts and assertions are at risk) and identify the audit procedures to test the account(s) and assertion(s) that are at risk. You are required to present your answers according to this format: (16 marks) 1 23 etc Identify a control weakness How the weakness may affect Audit procedures to test the financial statements account(s) and assertion(s) that are at risk
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Control weaknesses in an inventory system can have a significant impact on a companys financial statements Here are four common control weaknesses in ... View the full answer
Related Book For
Auditing An International Approach
ISBN: 978-0071051415
6th edition
Authors: Wally J. Smieliauskas, Kathryn Bewley
Posted Date:
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