You are involved in your CPA firms first audit of Zorostria, a retailer of artwork, primarily paintings
Question:
Discuss difficulties you should anticipate in planning the observation of physical inventory on this engagement because of:
a. The different locations of stores.
b. The nature of artwork.
c. Assume that Zorostria’s records indicate that it shipped goods on December 31 for a very major sale to a customer in Edmonton, Alberta, Canada.
(1) Since it was shipped as of December 31, does this represent a sale for the year ended on that date?
(2) What additional audit steps could be taken to determine that the sale is valid?
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a The auditors must control all inventories until they have been counted to be certain that artwork ...View the full answer
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Related Book For
Principles of Auditing and Other Assurance Services
ISBN: 978-0078025617
19th edition
Authors: Ray Whittington, Kurt Pany
Question Posted:
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