Required for each unique scenario below, identify the most adequate audit procedure being described (choose only one procedure) 1. Physically examine factory machinery to investigate the need for impairments or writ-offs. 2. Calculate an employee's groux pay for the prior month by multiply the hourly rate times the hours worked 3. Determine the ratio of cost of goods sold to sales as a test of overall reasonableness of gross margin relative to the preceding year. 4 Count inventory items, identify goods in transit and comignment goods and determine the ending inventory balance to reconcile it with the recorded amount by the client s obtain a written statement from a customer reparting the amount duo the client es of year-end. Review the deeds med title forms to establish whether the firm own the rights to the long-term niets or are simply renting them 7. You never Balance document prepared by management for unusual ending balances * You wilend the company's year and physical count of inventory, taking notes throughout the process Daed with the Chief Financial Officer (CFO) the approval process for purchase For the toolba, preos ALT F10 (PC) or ALTFN.F10 (Mac), B IVS Paragraph Arial 14px HEA2 % OG Q6 * 1992 D QUESTION 35 Required: For each unique scenario below, identify the most adequate audit procedure being described (choose only one procedure) 1. Physically examine factory machinery to investigate the need for impairments or writ-offs 2. Calculate an employee' gross pay for the prior month by multiply the hourly rate times the hours worked 3. Determine the ratio of cost of goods sold to sales as a fost of overall reasonableness of gross margin relative to the preceding year. 4. Count inventory items, identify goods in transit and consignment goods and determine the ending inventory balance to reconcile it with the recorded amount by the client. 5. Obtain a written statement from a customer regarding the amount due to the client as of year-end. 6. Review the deeds and title forms to establish whether the firm owns the rights to the long-term assets or are simply renting them 7. You review a Trial Balance document prepared by management for unusual ending balances, 8. You attend the company's year-end physical count of inventory, taking notes throughout the process. 9. Discussed with the Chief Financial Officer (CFO) the approval process for purchases For the toolbar, presa ALTF10 (PC) or ALT.FN+F10 (Mac). BIDS Paragraph Arial 14px IX 40 3 X X X 1 * 2 Ili III > > v FA HA ca QUESTION 35 Required: For each unique scenario below, identify the most adequate audit procedure being described (choose only one procedure) 1. Physically examine factory machinery to investigate the need for impairments or writ-offs 2. Calculate an employee's gross pay for the prior month by multiply the hourly rate times the hours worked. 3. Determine the ratio of cost of goods sold to sales as a test of overall reasonableness of gross margin relative to the preceding year. 4. Count inventory itens, identity goods in transit and consignment goods and determine the ending inventory balance to reconcile it with the recorded amount by the client. 5. Obtain a written statement from a customer regarding the amount due to the client as of year-end. 6. Review the deeds and title forms to establish whether the firm owns the rights to the long-term assets or are simply renting them. 7. You review a Trial Balance document prepared by management for unusual ending balances. 8. You attend the company's year-end physical count of inventory, taking notes throughout the process 9. Discussed with the Chief Financial Officer (CFO) the approval process for purchases. For the toolbar, press ALT+F10 PC) or ALT+FN.F10 (Mac) BI $ Paragraph Arial 14px A 2 I. T The TT 15 V 111
