1. Auditors are auditing the warehouse of Huge Lots Corporation. The auditors performed the audit...
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Accounting
1. Auditors are auditing the warehouse of Huge Lots Corporation. The auditors performed the audit procedures listed 1 5. For each audit procedure select the ASB balance assertion that is most likely being tested A. Existence B. Rights and obligations C. Completeness D. Accuracy E. Valuation
______ 1. The auditors walked through the warehouse looking for obsolete inventory ______ 2. The auditors compared invoices received from suppliers with the cost of inventory listed in the inventory accounts. ______ 3. The auditors reviewed purchase orders to determine if any inventory was on consignment. ______ 4. The auditors reviewed vendor invoices to determine if freight costs, taxes, tariffs or other costs had been included in inventory costs ______ 5. The auditors selected items from the inventory and reviewed inventory records to ensure these items were included in those records.
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