A client maintains perpetual inventory records in both quantities and dollars. If the assessed level of control

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A client maintains perpetual inventory records in both quantities and dollars. If the assessed level of control risk is low, an auditor would probably:

a. Insist that the client perform physical counts of inventory items several times during the year.

b. Observe the client’s inventory count at an interim date.

c. Increase the extent of tests of controls over inventory.

d. Request the client to schedule the physical inventory count at the end of the year.

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Auditing A Practical Approach with Data Analytics

ISBN: 978-1119401742

1st edition

Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton

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