Multiple Choice
The most important part of the observation of inventory is to determine whether
A) all counts are accurate.
B) the inventory-takers are qualified.
C) obsolete inventory has been identified.
D) the physical count is being taken in accordance with the client's instructions.
Correct Answer:
Verified
Correct Answer:
Verified
Q38: It is frequently possible to test the
Q39: The receiving department prepares a receiving report
Q40: A common inventory observation procedure is to
Q41: What are the auditor's primary concerns in
Q42: The auditor generally decides whether the inventory
Q44: State the six functions that make up
Q45: _ is normally characterized as a difficult
Q46: Inherent risk is typically assessed at a
Q47: In most manufacturing companies, the inventory and
Q48: Discuss the auditor's responsibilities for inventory maintained