In auditing inventories, a major objective relates to the existence assertion. Of the following audit procedures relating to inventories, which does not support the existence assertion?
· The auditor reviews the client’s inventory taking instructions for matters such as proper arrangement of goods, separation of consigned goods, and limits on movements of goods during inventory.
· The auditor confirms inventories not on the premises.
· The auditor performs a lower of cost or market test for major categories of inventory.
· The auditor observes the client’s inventory and performs test counts as appropriate.
CLICK HERE TO GET THE ANSWER !!!!
No comments:
Post a Comment