Assume That You Have Completed Your Procedures on the Audit

Essay

Assume that you have completed your procedures on the audit of Glick Corporation and have found the following audit issues.Indicate the account balance financial statement assertion that is likely to be most impacted by each of the issues,using the following key:
1.It appears that the selling price of certain of the company's products has declined significantly.
2.In performing a price test of inventory items,you found a number of items priced below cost.
3.It was discovered that a number of the items on hand and counted in the inventory were on consignment.
4.Inventory items were stored in three different warehouses and the auditors fear that some items might be in an undisclosed fourth warehouse.
5.During the physical inventory it was noted that a number of inventory items were damaged
6.Some inventory items owned by the company were in transit during the physical inventory.