An auditor observes inventory held by the client and notes that some of the inventory appears to
Question:
An auditor observes inventory held by the client and notes that some of the inventory appears to be old, but in good condition. Which of the following conclusions is justified by the audit procedure?
I. The older inventory is obsolete.
II. The inventory is owned by the company.
III. Inventory needs to be reduced to current market value.
a. I only
b. II only
c. I and III only
d. II only
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Based on the information provided the auditors observation of ...View the full answer
Answered By
Brown Arianne
Detail-oriented professional tutor with a solid 10 years of experience instilling confidence in high school and college students. Dedicated to empowering all students with constructive feedback and practical test-taking strategies. Effective educator and team player whether working in a school, university, or private provider setting. Active listener committed to helping students overcome academic challenges to reach personal goals.
2+ Reviews
10+ Question Solved
Related Book For 
Auditing Concepts For A Changing Environment
ISBN: 9781284249286
5th Edition
Authors: Larry E. Rittenberg, Bradley J. Schwieger
Question Posted:
