Which of the following is NOT a procedure that the auditor should perform related to the physical inventory count?
a. Document the first and last tag numbers used.
b. Take notations of all items that appear to be obsolete or are in questionable condition.
c. Make counts of all items and record the counts for subsequent tracing into the client‘s inventory compilation.
d. Observe whether there is any physical movement of goods during the counting of the inventory.
c
You might also like to view...
Discuss the edits that are programmed into a system to minimize the risk for data input errors
A process troubleshooter has to decide which problem to address first with his or her cause-and-effect diagram. The data analysis tool that will help him decide which problem to tackle first is a:
A) scatter diagram. B) check sheet. C) flowchart. D) Pareto chart.
Joe, a risk-averse investor, is trying to choose between investment A and investment B. If
investment A is riskier than investment B and Joe selects investment A anyway, then A) the expected return for investment A will be higher than the expected return for investment B. B) the actual return for investment A will be higher than the actual return for investment B. C) the expected return for investment A will be higher than the actual return for investment B. D) the actual return for investment A will be higher than the expected return for investment B.
No-par preferred stock has no stated face value, but its annual dividend is stated as a percentage of the market value
Indicate whether the statement is true or false