List the eight balance-related audit objectives in the verificationof the ending balance in inventory and provide one useful audit procedure for each ofthe objectives

Q: The auditor generally decides whether the inventory count can be taken before year-end primarily on…

A: AUDIT REFERS TO INDEPENDENT EXAMINATION OF FINANCIAL ACCOUNTS WEATHER PROFIT ORIENTED OR NOT TO…

Q: Explain whether or not analytical review procedures would be sufficient for the audit of the…

A: Auditing is the examination and verification of the financial statements prepared by the entity and…

Q: A typical substantive procedure for inventory balance and purchase transactions may include…

A: The question is related to the Substantive audit procedures. The Substantive audit procedures are…

Q: What type of substantive testing (not test of controls) should be used for each of the following…

A: Substantive  testing is also known as substantive procedures, which are the procedures an auditor…

Q: When a company's financial statements are audited, the principal element an auditor reviews is the…

A: Audit is the process of verifying and examining the authenticity and accuracy of financial…

Q: Describe TWO audit procedures that would provide evidence over the completeness of revenue.

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: Planning and regulating inventory use and their associated expenses is the focus of a substantial…

A: When a wholesaler or trader buys items from manufacturers or wholesalers and resells them, this is…

Q: The following question pertain to the financial sta

A: substantive audit procedure are processes, steps, tests performed by auditors, which creates…

Q: Define the following assertions for inventory: 1) Existence 2) Completeness 3) Valuation and…

A: Audit Inventory:-It is a process of checking the inventory records in the data with a physical count…

Q: The auditor computed inventory turnover and compared it to prior years.  This substantive test…

A: Auditing inventory refers to cross-checking the physical inventory with the inventory reported in…

Q: 1)Which of the following is not an audit procedure for inventories? a)Review cut-off of inventory…

A: The objective of the first question is to identify the option that is not an audit procedure for…

Q: State one test of control and one substantive test of transactions that the auditor can use to…

A: Test of Control: It means testing and analyzing the control used and set by an entity to check the…

Q: The following Specific Balance Related Audit Objective-Sales Cutoff at year-end is proper- isrelated…

A: Answer:   Option A

Q: Which of the following expenditure cycle tasksshould not be separated?a. Purchasing inventory items…

A: Human intervention is required for certain tasks.

Q: When auditing merchandise inventory at year-end, the auditor performs audit proceduresto obtain…

A: Given information is: When auditing merchandise inventory at year-end, the auditor performs audit…

Q: The audit objective that all journal entries were included in the financial statements is related to…

A: These assertions are made by the management. These are the claims regarding certain aspects of the…

Q: Inquiries of warehouse personnel concerning possible obsolete inventory items provide assurance…

A: The value of inventory, the lower of cost and net realizable value, and obsolete items are among…

Q: What is the primary reason we perform physical inventory observations? A. To obtain sufficient…

A: Inventory : It is the stock of raw material work in process and finished goods Kept in the store for…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.