Inventory audit: An organization may be trading or manufacturing or a service provider. Every type of organization holds some kind of inventories and inventory has the same important as of the blood in the body. Auditor’s take special care while doing inventory audit because there are high chances of misstatements in inventory transactions. To discuss: the physical inventory counting by auditor.

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Answer 1

Question

Chapter 13, Problem 13.11RQ

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Concept Introduction:

Inventory audit: An organization may be trading or manufacturing or a service provider. Every type of organization holds some kind of inventories and inventory has the same important as of the blood in the body. Auditor’s take special care while doing inventory audit because there are high chances of misstatements in inventory transactions.

To discuss: the physical inventory counting by auditor.

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Students have asked these similar questions

the auditor picks an item of inventory from the warehouse and determines whether it is included in the entity's list of inventories a. existence b. completeness c. accuracy d. rights

what are the audit asssertions related to inventory?

what work will an auditor carry out prior to the commencement of the inventory count.

Answer 2

Question

Chapter 13, Problem 13.11RQ

To determine

Concept Introduction:

Inventory audit: An organization may be trading or manufacturing or a service provider. Every type of organization holds some kind of inventories and inventory has the same important as of the blood in the body. Auditor’s take special care while doing inventory audit because there are high chances of misstatements in inventory transactions.

To discuss: the physical inventory counting by auditor.

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Answer 3

Question

Chapter 13, Problem 13.11RQ

To determine

Concept Introduction:

Inventory audit: An organization may be trading or manufacturing or a service provider. Every type of organization holds some kind of inventories and inventory has the same important as of the blood in the body. Auditor’s take special care while doing inventory audit because there are high chances of misstatements in inventory transactions.

To discuss: the physical inventory counting by auditor.

Expert Solution & Answer

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Answer 4

Question

Chapter 13, Problem 13.11RQ

To determine

Concept Introduction:

Inventory audit: An organization may be trading or manufacturing or a service provider. Every type of organization holds some kind of inventories and inventory has the same important as of the blood in the body. Auditor’s take special care while doing inventory audit because there are high chances of misstatements in inventory transactions.

To discuss: the physical inventory counting by auditor.

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Answer 5

Chapter 13, Problem 13.11RQ

To determine

Concept Introduction:

Inventory audit: An organization may be trading or manufacturing or a service provider. Every type of organization holds some kind of inventories and inventory has the same important as of the blood in the body. Auditor’s take special care while doing inventory audit because there are high chances of misstatements in inventory transactions.

To discuss: the physical inventory counting by auditor.

Answer 6

Chapter 13, Problem 13.11RQ

To determine

Concept Introduction:

Inventory audit: An organization may be trading or manufacturing or a service provider. Every type of organization holds some kind of inventories and inventory has the same important as of the blood in the body. Auditor’s take special care while doing inventory audit because there are high chances of misstatements in inventory transactions.

To discuss: the physical inventory counting by auditor.

Answer 7

Chapter 13, Problem 13.11RQ

To determine

Concept Introduction:

Inventory audit: An organization may be trading or manufacturing or a service provider. Every type of organization holds some kind of inventories and inventory has the same important as of the blood in the body. Auditor’s take special care while doing inventory audit because there are high chances of misstatements in inventory transactions.

To discuss: the physical inventory counting by auditor.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 13 - Prob. 13.1RQ Ch. 13 - Prob. 13.2RQ Ch. 13 - Prob. 13.3RQ Ch. 13 - Prob. 13.4RQ Ch. 13 - Prob. 13.5RQ Ch. 13 - Prob. 13.6RQ Ch. 13 - Prob. 13.7RQ Ch. 13 - Prob. 13.8RQ Ch. 13 - Prob. 13.9RQ Ch. 13 - Prob. 13.10RQ

Solution Summary: The author explains the importance of inventory audit for an organization, stating that it's important for auditors to plan their inventory counting, and perform surprise checks to check inventory record accuracy.

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Chapter 13 Solutions