No. Audit procedures 1 Compare the client's stock-count report at an interim date with the perpetual inventory master file. 2 3 4 5 Account for a sequence of raw material tags and trace each tag to the physical raw material to make sure it actually exists Test the unit price on the final Raw Material summary with vendors' invoices. Trace the recorded additions on the finished goods perpetual inventory master file to the completed production records Inquire factory employees for items that are damaged, dust-covered or located in inappropriate places Requirements: a) Identify type of tests for each procedure b) State related audit objective(s) for each procedure and explain your rationale.

No. Audit procedures 1 Compare the client's stock-count report at an interim date with the perpetual inventory master file. 2 3 4 5 Account for a sequence of raw material tags and trace each tag to the physical raw material to make sure it actually exists Test the unit price on the final Raw Material summary with vendors' invoices. Trace the recorded additions on the finished goods perpetual inventory master file to the completed production records Inquire factory employees for items that are damaged, dust-covered or located in inappropriate places Requirements: a) Identify type of tests for each procedure b) State related audit objective(s) for each procedure and explain your rationale.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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