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The following data items are maintained in a company's database for each inventory item that...

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Accounting

The following data items are maintained in a company's database for each inventory item that it holds in stock:

part number, part name, part description, bin location, unit price, unit cost, unit measure, quantity on hand, quantity on order, item activity, special prices allowed

Required: List the audit objectives that you could accomplish by using generalized audit software to access and manipulate these data items. Briefly explain how you would use generalized audit software to accomplish these objectives.

Hint: You might wish to consult a standard auditing textbook to find typical audit objectives and a typical audit program (set of audit procedures) for inventory. You should then try to work out how generalized audit software could be used to assists you in the execution of this program.

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