Question: When auditing merchandise inventory at year- end, the auditor performs audit procedures to obtain evidence that no goods held on consignment are included in the

When auditing merchandise inventory at year- end, the auditor performs audit procedures to obtain evidence that no goods held on consignment are included in the client’s ending inventory balance. This audit procedure provides assurance about which management assertion?
a. Completeness.
b. Existence.
c. Valuation and allocation.
d. Rights and obligations.
e. Occurrence.

Step by Step Solution

★★★★★

3.40 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a Incorrect This is not a completeness test This is clearly a test related to rights and obligations as the question that must be answered with eviden... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

332-B-A-A-A-N (1539).docx

120 KBs Word File

Students Have Also Explored These Related Auditing Questions!

Collie Company incorrectly included $23,000 of goods held on consignment for Retriever Company in Collie's beginning inventory for the year ended December 31, 2013. The ending inventory for 2013 and...

on 38 When auditing merchandise inventory at year end, the auditor performs audit procedures to obtain evidence that no goods held on consignment are included in the client's ending inventory...

Collie Company incorrectly included $23,000 of goods held on consignment for Retriever Company in Collies beginning inventory for the year ended December 31, 2020. The ending inventory for 2020 and...

When auditing merchandise inventory at year end, the auditor performs a purchase cutoff test to obtain evidence that Question 41 Answer a. All goods owned at year end are included in the inventory...

When auding memchandse inveritory at year end, the auditor performs asdit procedures to obtain evelence that no goods held on consignment ae Included in the client's ending inventory balance. This...

Please help me answer question 1 of this case, thank you! Ardmore Beer Distributors, Inc. Identification of Tests of Controls for the Revenue Cycle LEARNING OBJECTIVES Upon completion of this case,...

Hello! Can someone please help me answer question one? Thank you! Ardmore Beer Distributors, Inc. Identification of Tests of Controls for the Revenue Cycle LEARNING OBJECTIVES Upon completion of this...

Suzie Pickering has experience in the clothing and retail industry, which is why she was assigned to the Cloud 9 audit. Suzie is mentoring Ian Harper, a first-year staff on the audit team, and they...

Can you please provide the answer for the question 1 MIDTERM EXAM: ADMS 4551, Winter 2010, All Sections, February 21, 2010 Student Number: ________________________ Name:...

What was the premium on the December 20 FB 190 call, i.e. the Facebook call option which expires on December 20, 2019, and has a strike price of $190? On Wednesday, Nov. 13, 2019, Facebook stock...

1. How many wheels sets should the manager order? 2. When should the wheel sets be ordered? Promotional Novelties provides a wide range of novelty items for its corporate customers. It has just...

Twenty students agreed to participate in a study on colds. Ten were randomly assigned to receive vitamin C, and the remaining 10 received a tablet that looked and tasted like vitamin C but in fact...

Corporate Cash Flows [LO3] Strang plc raised 2 million in equity financing last year. This year, they were able to earn a net 10 per cent on these funds. The company pays a 23 per cent tax on...

Identify the key required reports of the Single Audit Act and OMB Circular A-133.

Describe what is meant by an operational audit.

Identify the three major differences between financial and operational auditing.

Is there a program online i can use to make a 3D version of a 2 and 3 hole torus. Something like this but in 3D 00

Which of the following is a good example of a cognitive algorithm?

The marketing team at an internet music site wants a better understanding of who their customers are. They send out a survey to 25 customers(and use an incentive of$50 worth of downloads to guarantee...