Account for a sequence of raw material requisitions and examine each requisition for an authorized approval. 2. Trace the recorded additions on the finished goods perpetual inventory master file to the records for completed production.

Following are audit procedures commonly performed in the inventory and warehousing cycle for a manufacturing company: 1. Account for a sequence of raw material requisitions and examine each requisition for an authorized approval. 2. Trace the recorded additions on the…

Read More

List three examples of inventory items for which an auditor may need to use a specialist for testing existence or valuation, or both. How would the auditor use the specialist in each example? b. What characteri

Auditors are required to understand the client’s industry and business but may not be experts in identifying the quantity and value of certain inventory items. For example, consider observing a physical inventory and testing inventory valuation for a client that…

Read More

Best Grocery Wholesale, Inc., a closely held grocery wholesaler that sells to independent grocery stores. Inventory is by far the largest account on their balance sheet. Honey Best operates in 10 southeastern states with a central distribution center in Atlanta and local distribution centers in each of the 10 states

You are responsible for the audit of inventory for Honey Best Grocery Wholesale, Inc., a closely held grocery wholesaler that sells to independent grocery stores. Inventory is by far the largest account on their balance sheet. Honey Best operates in…

Read More

WhatsApp
Hello! Need help with your assignments? We are here

GRAB 25% OFF YOUR ORDERS TODAY

X