Answered step by step
Verified Expert Solution
Question
1 Approved Answer
will upvote, thank you in advance Janessa and Oakley have been tasked by their supervisor to audit the inventory accounts of Marin Co., a retaller
will upvote, thank you in advance
Janessa and Oakley have been tasked by their supervisor to audit the inventory accounts of Marin Co., a retaller of ecercise equipment in the United States and Europe. Janessa has learned that consumer tastes and preferences in Marin's industry change rapidly, meaning the inventory may fast become obsolete. As a result of this finding, which of the following would be pertinent considerations for Janessa and Oakley? (Select all that opply.) They should investigate whether inventory returns by the elient have been appropriately recorded. The pair should consider investigating whether physical inventory exists, to match up with the inventory records in the ledger. They should pay careful attention to inventory valuation issues; being cognizant of the need for the inventory to be valued at the lower-of-cost-or-market. They should closely review inventory tumover ratios to determine if any notable inventory trends can be determined. During the audit of Jaycee Enterprises, LLC, the external auditors, Darkside CPA Firm have noted that the client has pledged a significant amount of inventory to help secure a lower interest rate on an outstanding long-term loan. As a result of this determination, which of the following would the auditors likely need to evaluate? (Select all that apply) Auditing an attestation client's inventory accounts can vary widely in complexity and time required because of which of the following factors? (Select all that opply) Whether the audit is for a publicly or privately traded fiem, as generally accepted auditing standards only require inventory audits for publicly-traded firms. Whether the client is a manufacturing entity, a merchandising entity, or a service firm. The level of access the client is willing to provide to physical inventory and the inventory accounts. What type of inventory the elient holds, and the quantities the client holds the inventory in 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