1. Audit Firm X has 4 merchandising clients whose year-end date is on June 30. It would be acceptable for the following business to conduct an inventory count prior to the year end date:

   		A business with excellent controls within their financial reporting process
   		A manufacturer of windows that only carry 3 different inventory items
   		A business with low per unit value of inventory
   		A toy store with accurate perpetual inventory records

1 points

QUESTION 27

1. The auditor aims to determine that property, plant and equipment are in productive use as of the reporting date. This addresses the following assertion:

   		Existence
   		Presentation
   		Ownership
   		Completeness