Which of the following represents the least likely audit objective for the audit of inventory and cost
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Question:
Which of the following represents the least likely audit objective for the audit of inventory and cost of goods sold?
a Check that the inventory value and cost of goods sold have been determined using appropriate methods
b Establish that the total inventory is appropriate (complete inventory).
c Determine the physical existence of the inventory and that the transactions that affect the cost of goods sold have occurred.
d Set that the customer only includes in-warehouse inventory in the ending inventory totals.
a Check that the inventory value and cost of goods sold have been determined using appropriate methods
b Establish that the total inventory is appropriate (complete inventory).
c Determine the physical existence of the inventory and that the transactions that affect the cost of goods sold have occurred.
d Set that the customer only includes in-warehouse inventory in the ending inventory totals.
Expert Answer:
Related Book For 
Principles of Auditing and Other Assurance Services
ISBN: 978-0078025617
19th edition
Authors: Ray Whittington, Kurt Pany
Posted Date:
