Exam 14: Audit of the Inventory and Distribution Cycle

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The auditor must verify whether the physical counts were correctly summarized, the inventory quantities and prices were correctly extended, and the extended inventory was correctly footed. These tests are called

(Multiple Choice)

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Question 61

The auditor would like to test the existence and accuracy of the transfer of goods from the raw materials storeroom to the manufacturing assembly lines. Which of the following audit procedures should be used?

(Multiple Choice)

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Question 62

Cost accounting controls are those related to the physical inventory and the consequent costs from the point at which

(Multiple Choice)

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Question 63

A public accountant observes his client's physical inventory count on December 31. There are eight inventory-taking teams and a tag system is used. The public accountant's observation normally may be expected to result in detection of which of the following inventory errors?

(Multiple Choice)

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Question 64

The auditor has evaluated the effectiveness of the client's procedures to count inventory, and has provided constructive suggestions for improvement. However, the client has not implemented the suggestions, so the auditor has concluded that the inventory instructions do not provide adequate controls. This means that the auditor

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Question 65

The form used to request the purchasing department to place orders for inventory items is the

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Question 66

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The auditor must verify whether the physical counts were correctly summarized, the inventory quantities and prices were correctly extended, and the extended inventory was correctly footed. These tests are called

The auditor would like to test the existence and accuracy of the transfer of goods from the raw materials storeroom to the manufacturing assembly lines. Which of the following audit procedures should be used?

Cost accounting controls are those related to the physical inventory and the consequent costs from the point at which

A public accountant observes his client's physical inventory count on December 31. There are eight inventory-taking teams and a tag system is used. The public accountant's observation normally may be expected to result in detection of which of the following inventory errors?

The form used to request the purchasing department to place orders for inventory items is the

The Demand for Audit and Other Assurance Services

The Public Accounting Profession and Audit Quality

Legal Liability

Professional Judgment and Ethics

Audit Responsibilities and Objectives

Client Acceptance and Planning the Audit

Materiality and Risk

Internal Controls and Control Risk

Audit Evidence

Audit Strategy and Audit Program

Audit Sampling Concepts

Audit of the Revenue Cycle

Audit of the Acquisition and Payment Cycle

Audit of the Human Resources and Payroll Cycle

Audit of the Capital Acquisition and Repayment Cycle

Audit of Cash Balances

Completing the Audit

Audit Reports on Financial Statements

Other Assurance and Nonassurance Services

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