Question: When evaluating inventory controls, an auditor would be least likely to a. Inspect documents. b. Make inquiries. c. Observe procedures. d. Consider policy and procedure

When evaluating inventory controls, an auditor would be least likely to
a. Inspect documents.
b. Make inquiries.
c. Observe procedures.
d. Consider policy and procedure manuals.

Step by Step Solution

★★★★★

3.25 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a Incorrect Inspecting documents for approvals is a typical t... 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 (2042).docx

120 KBs Word File

Students Have Also Explored These Related Auditing Questions!

Sayer, Inc., sells its products with a two-year warranty. The estimated product warranty is 2% of sales. Assume that Sayer had sales of $161,000 during May this year. On June 8, a customer received...

1. Do lengthy and detailed policy and procedure manuals enhance tight discipline? 2. Do lengthy and detailed policy and procedure manuals protect departments from litigation? 3. What basic changes...

What kinds of companies would be least likely to use LIFO? Explain.

On January 1, 2024, Rick??s Pawn Shop leased a truck from CoreyMotors for a six-year period with an option to extend the lease forthree years.Rick??s had no significant economic incentive as of t 0...

17 E When evaluating inventory controls with respect to segregation of duties, which of the following would a public accountant (PA) be least likely to do? O Multiple Choice Inspect documents. Make...

When evaluating inventory controls with respect to segregation of duties, which of the following would an auditor be least likely to do? a. Inspect documents. b. Make inquiries. c. Observe...

auditing TIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question 1) Which of the following is not one of the three primary objectives of effective internal...

1. A set of characteristics that helps to define a seriousness about employees' attitudes about the control activities in a company is referred to as A. Management assertions. B. Control environment....

Multiple Choice 1. Which of the following procedures would an auditor most likely rely on to verify managements assertion of completeness? a. Reviewing standard bank confirmations for indications of...

The following questions concern testing the client's internal controls for inventory and warehousing. Choose the best response. a. When an auditor tests a client's cost accounting records, the...

Distinguish mediation from arbitration. How does rights arbitration differ from interest arbitration? What is final-offer arbitration?

A company purchased property for a building site. The costs associated with the property are provided. What portion of these costs should be allocated to the cost of the land and what portion should...

26. LO.3 Under the terms of the Lagos Trust instrument, the trustee has discretion to distribute or accumulate income on behalf of Willie, Sylvia, and Doris in equal shares. The trustee also can...

What is the risk-return tradeoff that arises when a firm manages its working capital?

Briely describe each of the following documents or records: payroll register, payroll master file, and payroll master file changes report.

What duties are performed within the human resource, timekeeping, and payroll- processing functions?

Question 50 1 Imagine a sample with n = 49 and a mean of 95 that comes from a population with a standard deviation of 14. Based on these data, what would be the 80% confidence interval for the...

The Landers Corporation needs to raise $1.70 million of debt on a 20-year issue. If it places the bonds privately, the interest rate will be 12 percent. 25000 dollars in out-of-pocket costs will be...

a comparable - risk bond is 6 percent. a . Compute the bond's yield to maturity. b . Determine the value of the bond to you given the market's required yield to maturity on a comparable - risk bond....