EBK PRINCIPLES OF AUDITING & OTHER ASSU
EBK PRINCIPLES OF AUDITING & OTHER ASSU
21st Edition
ISBN: 9781260299434
Author: WHITTINGTON
Publisher: YUZU
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Chapter 16, Problem 30QRA
To determine

Explain the reason for concurrence or non-concurrence with the senior’s proposal.

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Mary Howard, CPA, has long audited the Wheat City Grain Company's financial statements. Much of Wheat City's assets consist of wheat stored in three of its grain elevators, and the company maintains perpetual inventory records of the quantity of wheat stores there. Concurrently, on a surprise basis, at different times each month, state grain inspectors also "count" thee quantity of wheat found in these elevator, and have found no material differences in the perpetual records for the five years they have performed this function, To save both time and audit fees, Mary wants to rely on the state inspector's counts instead of her making independent counts thereof. Can Mary do this?
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EBK PRINCIPLES OF AUDITING & OTHER ASSU

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