FREE Trial

What major audit procedures are involved in testing for the ownership of inventory during the observation of the physical counts

Question:

What major audit procedures are involved in testing for the ownership of inventory during the observation of the physical counts and as a part of subsequent valuation tests?

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!

Step by Step Answer:

Answer rating: 70% (10 reviews)

The most important audit procedures to test for the ownership of inventory du…View the full answer


answer-question
Answered By
tutor-profile-image
Charles mwangi
I am a postgraduate in chemistry (Industrial chemistry with management),with writing experience for more than 3 years.I have specialized in content development,questions,term papers and assignments.Majoring in chemistry,information science,management,human resource management,accounting,business law,marketing,psychology,excl expert ,education and engineering.I have tutored in other different platforms where my DNA includes three key aspects i.e,quality papers,timely and free from any academic malpractices.I frequently engage clients in each and every step to ensure quality service delivery.This is to ensure sustainability of the tutoring aspects as well as the credibility of the platform.
4.30+ 2+ Reviews 10+ Question Solved
Related Book For  answer-question
Auditing and Assurance services an integrated approach

Auditing and Assurance services an integrated approach

ISBN: 978-0132575959

14th Edition

Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley

See More Books
Question Details
Chapter # 21
Section: Review Questions
Problem: 7
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: October 10, 2012 07:59:46
See More Questions

Students also viewed these Auditing questions

Q:
What are the empirical problems involved in testing for the effect of capital structure on the value of the firm?
A:
The main empirical problem is that firms typically change their capi......
Q:
In Exercise 13.43, if we are interested in testing for the significance of the operator variance component, do we have large enough samples to ensure with a probability as large as 0.95 a significant...
A:
Since 1 B P F 3 12 Hence we do not have l......
Q:
What procedures are followed to audit inventory when the physical inventory is taken on a cyclical basis or on a statistical plan but never as a complete count on a single date?
A:
In this type of situation the auditor will arrange to be present during one more o......
Q:
Consider the heat pump described in Example 9.14. The heat pump now operates between 0.60 MPa and 1.4 MPa. Plot the vapor-compression cycle in Ts coordinates (use NIST) and determine the cycle...
A:
or 1kW of electrical power input will yield 1kW of h......
Q:
The equation for a demand curve has been estimated to be 0 - 100 - 10 P + 0.5 Y, where Q is quantity, P is price, and K is income. Assume P = 7 and Y = 50. a. Interpret the equation. b. At a price of...
A:
a When price changes by 1 quantity will change by 10 in the......
Q:
The organization Monitoring the Future (www.monitoringthefuture.org) asked 2048 eighth graders who said they smoked cigarettes what brands they preferred. The table below shows brand preferences for...
A:
According to the Monitoring the Future study teen smoking brand preferences......
Q:
What is the significance of Walmarts Flipkart purchase with regards to Amazon?
A:
Flipkart is the only company in the wor......
Q:
The National Bank of Union City currently has one outside drive-up teller. It takes the teller an average of three minutes (exponentially distributed) to serve a bank customer. Customers arrive at...
A:
One window Two windows Does not change However the arrival rate for......
Q:
Create a view (virtual table) called good_collaboration that lists pairs of actors who have had a good collaboration as defined here. Each row in the view describes one pair of actors who appeared in...
A:
To create the good collaboration view and find the 5 cast members with the highest collaboration sco......
Q:
A bridged-T network is often used in AC control systems as a filter network [8]. The circuit of one bridged-T network is shown in Figure P2.8. Show that the transfer function of the network is Sketch...
A:
Let Then Or Therefore the transf......
Q:
At the completion of an inventory observation, the controller requested the auditor to give him a copy of all recorded test counts to facilitate the correction of all discrepancies between the...
A:
The auditor must not give the controller a copy of his or her t......
Q:
In the verification of the amount of the inventory, one of the auditor's concerns is that slow-moving and obsolete items be identified. List the auditing procedures that can be used to determine...
A:
Auditing procedures to determine whether slow moving or obsolete items have been included in invento......
Q:
Design an interface template for Exercise E.
A:
The above template shows the title area at the......
Q:
1. Ask the user for an infix expression. Assume the expression is valid. 2. If the expression is empty, then stop running. otherwise 3. Convert the infix expression to a postfix expression. 4. Repeat...
A:
import java util HashMap import java util Scanner import java util Stack public class InfixToPostfix......
Q:
Design a Java program define the contents of two arrays of values whole. The arrays will be the same size and their content will be defined within int list1[] = {1, 2, 3, 4, 5}; int list2[] = {5, 2,...
A:
Click to View...
Q:
You are required to design an English-Turkish dictionary program. In this program, words and their meanings. It must be written to the SQLite database. The name of the database you will create should...
A:
Python Code import sqlite3 Create a SQLite database named Dictionary......
Q:
Two states, virtually identical with populations and economies. Both have low levels of debt. Both have a state income tax of 5%. A recession happens which causes a budget deficit of a similar amount...
A:
The pros and cons of each approach from a credit perspective for the two virtually identical states facing a budget deficit due to a recession one choosing to borrow to fill the hole and the other opt......
Q:
Read through the descriptions of the famous Milgram experiment. Write brief summary of what happened and discuss why it was considered "unethical." Note that some disagreed that it was unethical....
A:
The Milgram experiment was a series of social psychology experiments conducted by Stanley Milgram a psychologist at Yale University in the early 1960s......
Q:
Round off the given approximate numbers (a) To three significant digits and (b) To two significant digits 50.893
A:
a To round off 50 893 to three significant digits we coun......
Q:
The baseball player A hits the ball from a height of 3.36 ft with an initial velocity of 34.8 ft/s. 0.14 seconds after the ball is hit, player B who is standing 15 ft away from home plate begins to...
A:
Answer to 4 when making investment decisions investors aim to maximize their satisfaction......
Q:
Consider the three alternatives: Which alternative should be selected? (a) If MARR =6%? (b) If MARR =8%? (c) If MARR = 10%? Do Nothing Year A -$100 -$150 +30 +43 +43 2 +30 +30 +43 +43 4 +30 +30 +43
A:
Compute Rates of Return Alternative A 100 30 P A i 5 P A i 5 100 30 3 33 R......
Q:
A firm is considering two alternatives: At the end of 4 years, another B may be purchased with the same cost, benefits, and so forth. If the MARR is 10%, which alternative should be selected? A...
A:
Since ROR A B MARR the increment i......
Q:
Consider the following alternatives: Initial cost Uniform annual benefits Each alternative has a l0-year useful life and no salvage value . If the MARR is 8%, which alternative should be selected? A...
A:
Year A B C B C 0 300 600 20......
Macroeconomics 11th Edition - ISBN: 1319263909 - Free Book