Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the client has inventory at approximately 50 locat

The client has inventory at approximately 50 locations in a three-province region. The inventory is difficult...

50.1K

Verified Solution

Question

Accounting

The client has inventory at approximately 50 locations in athree-province region. The inventory is difficult to count and canbe observed only by travelling by automobile. The internal controlsover acquisitions, cash disbursements, and perpetual records areconsidered effective. This is the fifth year that you have done theaudit, and audit results in past years have always been excellent.The client is in excellent financial condition.

Required

Recommend an evidence mix for the five types of tests for theaudit of inventory and cost of goods sold. Justify your answer.Include in your recommendations both tests of controls andsubstantive tests.

Answer & Explanation Solved by verified expert
4.0 Ratings (602 Votes)
Ans Review clients plan for performing inventory count Plan should included procedures relating to count and should allocate staff responsible for each of inventory at different locations Evidence of Appropriate supervision for those performing count should be examined    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Aminah wish to perform the hypothesis testing H0: ? =1 versus H1: ? <1 versus with...

Basic Math
Q

Briefly explain the process of documenting the scene of a computer-related incident

Programming
Q

. Define Globalization

General Management
Q

Circuit for the measurement of resistance is shown in the figure The is first connected...

Physics
Q

6 Evaluate each limit if it exists App x 8x a limx 3 2x 1...

Basic Math
Q

Which of the following values cannot be probabilities 1 1 11 0 01 5 3...

Statistics
Q

Find the derivative of y with respect to x for y 2 dv

Calculus
Q

Cul de los siguientes nunca se puede hacer cumplir en un tribunal? Obligaciones basadas...

Accounting
Q

Cullumber Incorporated leases a piece of machinery to Riverbed Company on January 1, 2020, under...

Accounting
Q

In an effort to save money for early retirement, an environmental engineering colleague plans to...

Accounting
Q

Acoma, Incorporated, has determined a standard direct materials cost per unit of $7.40 (2 feet...

Accounting
Q

Incorporated has the following products in its ending inventory. Compute lower of cost or market...

Accounting