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Auditing and Assurance Services 9th Edition by Alvin Arens,Mark Beasley,Randy Elder
Edition 9ISBN: 978-0130459206Auditing and Assurance Services 9th Edition by Alvin Arens,Mark Beasley,Randy Elder
Edition 9ISBN: 978-0130459206 Exercise 1
Which of the following control activities would be most likely to assist in reducing the control risk related to the occurrence of inventory transactions?
A) Inventory manager does not have ability to record inventory transactions.
B) Summary of the receiving reports is independently compared to the inventory status report.
C) Inventory is periodically reviewed for slow-moving or obsolete items, which may require a write-down.
D) Subsidiary ledgers are periodically reconciled with inventory control accounts.
A) Inventory manager does not have ability to record inventory transactions.
B) Summary of the receiving reports is independently compared to the inventory status report.
C) Inventory is periodically reviewed for slow-moving or obsolete items, which may require a write-down.
D) Subsidiary ledgers are periodically reconciled with inventory control accounts.
Explanation
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Justification: In order to reduce the ri...
Auditing and Assurance Services 9th Edition by Alvin Arens,Mark Beasley,Randy Elder
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