Inquiries of warehouse personnel concerning possible obsolete inventory items provide assurance about management's assertion of: 1. Completeness 2. Rights and Obligations. 3. Presentation 4. Valuation 0 1 O 2 O 3

Inquiries of warehouse personnel concerning possible obsolete inventory items provide assurance about management's assertion of: 1. Completeness 2. Rights and Obligations. 3. Presentation 4. Valuation 0 1 O 2 O 3

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter11: Auditing Inventory, Goods And Services, And Accounts Payable: The Acquisition And Payment Cycle

Section: Chapter Questions

Problem 30CYBK

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Concept explainers

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.

Question

Inquiries of warehouse personnel concerning possible obsolete inventory items provide
assurance about management's assertion of:
1. Completeness
2. Rights and Obligations.
3. Presentation
4. Valuation
O 1
O 2
O 3

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