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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 15
An entity maintains perpetual inventory records in both quantities and dollars. If the level of control risk were set at high, an auditor would probably
a. Insist that the entity perform physical counts of inventory items several times during the year.
b. Apply gross profit tests to ascertain the reasonableness of the physical counts.
c. Increase the extent of tests of controls of the inventory system.
d. Request that the entity schedule the physical inventory count at the end of the year.
a. Insist that the entity perform physical counts of inventory items several times during the year.
b. Apply gross profit tests to ascertain the reasonableness of the physical counts.
c. Increase the extent of tests of controls of the inventory system.
d. Request that the entity schedule the physical inventory count at the end of the year.
Explanation
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Auditing and Assurance Services 9th Edition by Alvin Arens,Mark Beasley,Randy Elder
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