How is information collected during the auditors attendance at the physical inventory count used in the audit

Question:

How is information collected during the auditor’s attendance at the physical inventory count used in the audit of the inventory balance?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing An International Approach

ISBN: 978-0071051415

6th edition

Authors: Wally J. Smieliauskas, Kathryn Bewley

See More Books

Question Posted: Jan 09, 2015 09:38 AM

See More Questions

In its physical inventory count at its February 28, 2017, year end, the Orange Sprocket Corporation included inventory that was being held for another company to sell on consignment. As a result, the...
In its physical inventory count at its March 31, 2017, year end, Backspring Corporation excluded inventory that was being held on consignment for Backspring by another company. As a result, the...
Complete the attached worksheet for 2011 for Green Company, given the following information, then prepare an income statement, statement of owners equity, and balance sheet: Physical count of...
Calculate the 90% confidence interval for the difference (mu1-mu2) of two population means given the following sampling results. Population 1: sample size = 19, sample mean = 20.52, sample standard...
Use an electronic questionnaire design and administration package such as Ci3 to program the camera preference questionnaire given in problem 2. Add one or two questions of your own. Administer the...
Refer to the information in M6-18 regarding Kandar Company. Determine target sales needed to earn a $$25,000$ target profit. Data from M6-18 Refer to the information presented for Kandar Company in...
The name game. Refer to the Journal of Experimental PsychologyApplied (June 2000) name-retrieval study, presented in Exercise 11.34 (p. 630). Recall that the goal of the study was to investigate the...
The estimated regression equation for a model involving two independent variables and 10 observations follows. y = 29.1270 + .5906x1 + .4980x2 a. Interpret b1 and b2 in this estimated regression...
Assume that a manufacturing company incurred the following costs: Direct labor Advertising Factory supervision Sales commissions Depreciation, office equipment Indirect materials Depreciation,...
A standard 4 in. steel pipe (ID = 4.026 in., OD = 4.500 in.) carries superheated steam at 1200?F in an enclosed space where a fire hazard exists, limiting the outer surface temperature to 100?F. In...
List key substantive audit procedures used to address the inventory valuation assertion.
What cutoff misstatements can arise if the FOB terms for sales shipped are not properly accounted for? What about for inventory received?
The signal from a radio station with two antennas d meters apart has a wavelength (in m). The intensity of the signal depends on the angle as shown in Fig. 4.26. An angle of minimum intensity is...
6.10 Long Div. and Comp Square Calculus - No Calculator Find the indefinite integral. 1. S 4x-34x+56x-21 4x-2 dx Mastery Check #2 1 dx 2. Sx-4x+5x x-4x+5 S S Name: Sienna Nono Date: 3-1-24 Period:...
How well are oncology firms leveraging digital technology to gain and sustain competitive advantage?
Axel and Brooklyn have agreed to buy a new vehicle. Brooklyn mentions that she is looking forward to getting a new SUV, so they have room for their dogs and kids. Axel mentions he thought they were...
Discuss how technology and human resources are needed to operate this facility in this behind the scenes look at this retailing giant. Support your opinion with research and/or key concepts covered...
4.2 At a given instant, a spacecraft is 500 km above the earth, with a right ascension of 300 and a declination of -20 relative to the geocentric equatorial frame. Its velocity is 10 km/s directly...
Many companies are not required to have their financial report audited but they still need to employ accountants. Required Compare and contrast accounting and auditing.
What are the 5 Cs of marketing channel structure?
Which of the following are the environmental factors affecting business? Suppliers Customers Physical resources All of the above
For the following independent situations, assume that you are the audit partner on the engagement: 1. During your audit of Raceway.com, Inc., you conclude that there is a possibility that inventory...
For the following independent situations, assume that you are the audit partner on the engagement: 1. In the last 3 months of the current year, Oil Refining Company decided to change direction and go...
Several types of opinions are described in a. through i. below. For each opinion, select the appropriate description of that opinion from the list numbered 1 through 9 below that corresponds with the...
Summarize in your own words Sharps, Treynors, and Jensens Measures for assessing portfolio performance with respect to risk. Assess the portfolio performance of mutual fund VDIGX taking into...
Question 1 Slat and Company have recently set up a business which will manufacture and sell a furniture component, the F12 On the 19 August 2021, the company issued 85,000 of share capital for cash....
The following is Addison Corporations contribution format income statements for last month. The company has no beginning or ending inventories. A total of 10,000 units were produced and sold last...

How is information collected during the auditors attendance at the physical inventory count used in the audit

Question:

Step by Step Answer:

The auditees final inventory compilation is tied into relevant general ledger accounts and supporti...View the full answer

Auditing An International Approach

Students also viewed these Auditing questions