Exam 14: Audit of the Inventory and Distribution Cycle

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The auditor has determined that the inventory procedures are highly automated with limited use of a paper or physical trail. Rather than having people count inventory (since all inventory has RFID tags attached), inventory is being read using the wireless mesh network. To provide assurance with respect to ending inventory, the auditor should

(Multiple Choice)

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Question 61

The test of details of balance procedure that requires the auditor to account for unused inventory tag numbers to make sure none have been omitted is an attempt to satisfy the objective of

(Multiple Choice)

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Question 62

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

(Multiple Choice)

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Question 63

The auditor's tests of the adequacy of the physical controls over raw materials, work-in-process, and finished goods are usually limited to

(Multiple Choice)

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Question 64

When considering pricing of inventory, three things are important. The first two are that the method must be in accordance with an acceptable financial accounting framework, and the application of the method must be consistent from year to year. What is the third?

(Multiple Choice)

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Question 65

The inventory and distribution cycle can be thought of as comprising two separate but closely related systems, one involving the actual physical flow of goods, and the other the

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Question 66

Showing 61 - 66 of 66

The test of details of balance procedure that requires the auditor to account for unused inventory tag numbers to make sure none have been omitted is an attempt to satisfy the objective of

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

The auditor's tests of the adequacy of the physical controls over raw materials, work-in-process, and finished goods are usually limited to

When considering pricing of inventory, three things are important. The first two are that the method must be in accordance with an acceptable financial accounting framework, and the application of the method must be consistent from year to year. What is the third?

The inventory and distribution cycle can be thought of as comprising two separate but closely related systems, one involving the actual physical flow of goods, and the other 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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