Describe the inventory price test, explicitly separating how the auditor collects evidence to support that the appropriate
Question:
Describe the inventory price test, explicitly separating how the auditor collects evidence to support that the appropriate cost of inventory and to support the appropriate market value of inventory. Argue why you believe this to be one of the more or less difficult substantive tests of balances that auditors perform.
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The inventory price test is a substantive audit procedure used by auditors to verify the accuracy of the cost and market value of inventory reported in the financial statements This test involves two ...View the full answer
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Ishrat Khan
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Related Book For 
Auditing Assurance And Risk
ISBN: 9780324313185
3rd Edition
Authors: W. Robert Knechel, Steve Salterio, Brian Ballou
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