Question
ENU Side panel Time left 0:08:24 Question 3 Not yet answered Marked out of 2.00 Flag question Question text You are the audit senior assigned
ENU
Side panel
Time left 0:08:24
Question 3
Not yet answered
Marked out of 2.00
Flag question
Question text
You are the audit senior assigned to the audit of Fix-IT Ltd, a motor vehicle spares company.You attend the year-end inventory count at Fix-IT Ltd and note the following procedures that take place:
(i) The inventory count procedures are addressed to the auditors and management of Fix-IT Ltd.
(ii) The inventory count procedures include the method of counting and a copy of the warehouse floor plan.
(iii) The inventory count procedures specify that the count teams consist of warehouse personnel and the auditors.
(iv) Inventory sheets are pre-printed, numerically sequenced with inventory details and description and one column to capture the quantity per counted item.
(v) Once inventory has been counted, it is marked with a green sticker on the item illustrating that it has been counted.
From the above procedures performed at the year-end inventory count, identify which of these procedures are weaknesses in the inventory count?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started