1) Internal auditing is going to be performing an assurance engagement dealing with controls over production, shipping, and inventory. Some of the items to be covered in the engagement include: Determine if there is an issue with excess, obsolete or unsaleable inventory. • Determine If there have been issues with accuracy of the inventory quantities in the computer system • Determine if there are issues with late shipments or errors in what material is being shipped to customers. • Determine if there are material issues with the quality of the company's finished products.

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Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.