1. Which of the following poses the biggest internal control weakness?

   		perpetual records are only maintained for inventory over a specified dollar balance
   		inventory under a specified dollar amount are expensed at the time of purchase
   		the clerk in the warehouse is also responsible for updating perpetual inventory records
   		inventory count is performed infrequently

1 points

QUESTION 29

1. Auditors obtain the management representation letter for a number of different reasons. Which of the following is not a valid reason?

   		obtain management's acknowledgement of its ultimate responsibility for the financial statements
   		obtain documentation from management that any instances of known fraud has been disclosed
   		obtain management's acknowledgement that internal controls are effective
   		obtain documentation from management that all applicable and available information has been made available