Question: Why is it important for auditors to obtain control information over inventory count sheets or tickets?

Why is it important for auditors to obtain control information over inventory count sheets or tickets?

Step by Step Solution

★★★★★

3.49 Rating (179 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Amounts on inventory count sheets and tickets become the amou... View full answer

blur-text-image

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 (2071).docx

120 KBs Word File

Students Have Also Explored These Related Auditing Questions!

Q:

Why is it important for auditors to use analytical comparisons such as the ratios in the Sunbeam case to evaluate possible red flags that may indicate additional auditing is required? How does making...

Q:

Why is it important for financial statements and other external reports to be based on generally accepted accounting principles?

Q:

Why is it important for the accounting department of a company to receive data from sales and shipping? What internal control function is served by this process?

Q:

Define pricing practices of tesla INC as well as market structure.

Q:

What distinguishes a simple trust from a complex trust?

Q:

The Menu Labeling Act, a federal law, requires restaurant chains (with 20 or more outlets) to disclose calorie and nutrition information for food sold in the stores. There are also state laws, known...

Q:

A supermarket has two exponential checkout counters, each operating at rate . Arrivals are Poisson at rate . The counters operate in the following way: (i) One queue feeds both counters. (ii) One...

Q:

Shelf mix decision Superstore is a large discount supermarket. Profits have declined, so the manager has collected data on revenues and costs for different food categories. The following data pertain...

Q:

On March 2 0 , 2 0 2 4 , Cullumber Corporation purchased two machines at auction for a combined total cost of $ 2 4 1 , 0 0 0 . The machines were listed in the auction catalogue at $ 1 1 0 , 0 0 0...

Q:

Add a constraint to make sure the Rep_ID value entered in the BOOK_STORES table is a valid value contained in the STORE_REPS table. The Rep_ID columns of both tables were initially created as...

Q:

Rank the following solutions in order of increasing concentration: solution A, 0.5 mole of sucrose in 2.0 L of solution; solution B, 1.0 mole of sucrose in 3.0 L of solution; solution C, 1.5 moles of...

Q:

The company s suppliers are in Asia. What strategy should the company adopt for raw material inventory management as well as finished goods inventory management. Please recommend a distribution grid...

Q:

Action Memo : Write and submit an action memo to the chief executive officer of a manufacturing company recommending an approach for future energy efficiency and renewable energy development, using...

Q:

An educational consultant claims that the average IQ of high school students in a particular city is at least 110. To verify this claim, a school board selects a random sample of 20 students and...

Q:

Below are summary cash flow statements for three roughly equal-sized companies. ($ millions) A B C Net cash flows from operating activities (312 ) (312 ) 324 Net cash used in investing activities...

Q:

You are a Chartered Certified Accountant and the newly appointed Internal Auditor of a company that is experiencing financial difficulties. As a condition for obtaining bank loans, the company has...

Q:

Analyzing and Computing Accrued Wages Liability and Expense Demski Company pays its employees on the 1st and 15th of each month. It is ????arch 31 and Demski is preparing financial statements for...

Q:

H Corporation has a bond outstanding. It has a coupon rate of 8 percent and a $1000 par value. The bond has 6 years left to maturity but could be called after three years for $1000 plus a call...

Q:

Darlene Druyun was a lifetime government employee, working her way up through the system to a position of Air Force acquisition officer. In the early 1990s, she was mentioned in an inspector...

Q:

1. For the control activities to be effective, employees maintaining the accounts receivable subsidiary ledger should not also approve a. Employee overtime wages. b. Credit granted to customers. c....

Q:

1. For the control activities to be effective, employees maintaining the accounts receivable subsidiary ledger should not also approve a. Employee overtime wages. b. Credit granted to customers. c....

Q:

For each of the following situations based on SAB No. 101, indicate the audit evidence that should be obtained to determine whether revenue should be recognized or not in the current period. 1. Your...

Q:

The stock of the Belta Corporation has a beta of 1.1. The stock recently paid an annual dividend of $0.42, and dividends are expected to grow at a rate of 4% indefinitely. The equity premium has...

Q:

One measure of the health of a national economy is how quickly it creates jobs. One aspect of this issue is the number of jobs individual hold. As part of a study on job tenure, a survey was...

Q:

Assume the following information about projected cost and charges for a hospital in 2016: Fixed Costs = $10,000,000 Variable Cost per Inpatient Day = $200 Charge per Inpatient Day = $1,000. Initial...

Related Book

Auditing and Assurance Services 6th edition by Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws