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Existence Ownership and Completeness
Existence Ownership and CompletenessCount
Postinventory Count Attendance Considerations
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accepted accounting principles actual cost additional AICPA alternative procedures analytical review procedures appropriate assertions assess audit evidence audit risk auditor should consider auditor's objective clerical accuracy client's inventory consignment consignment stock cost accounting system cost of sales cost records costing system count attendance count date count sheets cutoff procedures cutoff testing Detection risk determine evaluate example exist final inventory listing final listing financial statement assertions financial statements Identify products included internal control inven inventory count inventory items inventory quantities labor LIFO method N/A W/P obsolescence obsolete obtain assurance obtain satisfaction overhead period perpetual inventory records perpetual records physical count physical inventory potential prenumbered presentation and disclosure prior year's properly purchases quantities on hand raw materials realizable value receiving reports rely roll-forward sample shipments slow-moving specialist standard cost Substantive Procedures Suggested Audit Procedures supplier tags test counts tory variance analysis write-downs year-end date year-end inventory