As a part of your clerical tests of inventory for Martin Manufacturing, you have tested about 20 percent of the dollar items and have found the following exceptions: 1. Pricing errors: Description Quantity Price Actual Price Wood 920 board feet $ 0.32/board foot $ 0.22/board foot Metal-cutting tools 49 units 300.00 each 30.00 each Cutting […]
Following are audit procedures commonly performed in the inventory and warehousing cycle for a manufacturing company: 1. Account for a sequence of raw material requisitions and examine each requisition for an authorized approval. 2. Trace the recorded additions on the finished goods perpetual inventory master file to the records for completed production. 3. Compare the […]
Following are audit procedures commonly performed in the inventory and warehousing cycle for a manufacturing company: 1. Account for a sequence of raw material requisitions and examine each requisition for an authorized approval. 2. Trace the recorded additions on the finished goods perpetual inventory master file to the records for completed production. 3. Compare the […]
Items 1 through 8 are selected questions typically found in questionnaires used by auditors to obtain an understanding of internal control in the inventory and warehousing cycle. In using the questionnaire for a client, a “yes” re- sponse to a question indicates a possible internal control, whereas a “no” indicates a po- tential deficiency. 1. […]
INTEGRATION OF THE TESTS Integrate the various parts of the audit of the inventory and warehousing cycle.
INTEGRATION OF THE TESTS Integrate the various parts of the audit of the inventory and warehousing cycle.
SUBSTANTIVE ANALYTICAL PROCEDURES Apply substantive analytical procedures to the accounts in the inventory and warehousing cycle.
Following are audit procedures commonly performed in the inventory and warehousing cycle for a manufacturing company: 1. Account for a sequence of raw material requisitions and examine each requisition for an authorized approval. 2. Trace the recorded additions on the finished goods perpetual inventory master file to the records for completed production. 3. Compare the […]
PARTS OF THE AUDIT OF INVENTORY Explain the five parts of the audit of the inventory and warehousing cycle.
BUSINESS FUNCTIONS IN THE CYCLE AND RELATED DOCUMENTS AND RECORDS Describe the business functions and the related documents and recordsin the inventory and warehousing cycle.
