Evaluate the importance of each of these deficiencies and state its effect on the auditor’s observation of inventory.
Explain the relationship between the acquisition and payment cycle and the inventory and warehousing cycle in the audit of a manufacturing company. List several audit procedures in the acquisition and payment cycle that support your explanation. 21-2 (OBJECTIVE 21-3) Many auditors assert that certain audit tests can be significantly reduced for clients with adequate perpetual […]