Instructions: Answer the following questions about auditing inventory, goods and services, and Accounts Payable:

Question 1: What are the specific 5 management assertions related to Accounts Payable?

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Question 2: What are some inherent risk factors that often make inventory material, complex, and subject to manipulation?

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Question 3: What are some examples of specific frauds in the acquisition and payment cycle?

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Question 4: What 4 things does an effective inventory control system provide reasonable assurance about?

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Question 5: What types of audit documentation are related to the substantive procedures for accounts in the acquisition and payment cycle?

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