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5. Rashid is the partner in charge of the audit of Nad AL Hammer Distributing Corporation, a wholesaler that owns one warehouse containing 80 percent
5. Rashid is the partner in charge of the audit of Nad AL Hammer Distributing Corporation, a wholesaler that owns one warehouse containing 80 percent of its inventory. Rashid is reviewing the working papers that were prepared to support the firm's opinion on Nad Al hammer's financial statements, and Rashid wants to be certain that essential audit tests are well documented. Required: A. Illustrate five evidence should Rashid find in the working papers to support the fact that the audit was adequately planned and the assistants were properly supervised (5 marks). B. Illustrate five substantive tests should Rashid expect to find in the working papers to document management's assertion about completeness as it relates to the inventory quantities at the end of the year
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