Multiple Choice
When the client engages an inventory specialist to take the inventory, the impact on the audit in this area is:
A) to eliminate the need to perform test counts.
B) to eliminate the need to observe the inventory.
C) minimal because the specialists are considered independent auditors.
D) minimal because the specialists are considered audit employees.
Correct Answer:

Verified
Correct Answer:
Verified
Q15: For each of the following potential misstatements
Q16: When substantiating disposals of property, plant and
Q17: Ensuring inventories include all materials, products and
Q18: Evidence concerning the pledging of property, plant
Q19: Analytical procedures are not widely used in
Q21: When conducting tests of details of transactions
Q22: ABC Ltd is a retailer who is
Q23: During the observation of the inventory count,
Q24: When the auditor receives the client-prepared schedules
Q25: Which of the following is not a