When auditing merchandise inventory at year-end, the auditor performs audit procedures toensure that all goods purchased before year-end are received before the physical inventorycount. This audit procedure provides assurance about which management assertion?a. Cutoff.b. Existence.c. Valuation and allocation.d. Rights and obligations.e. Occurrence.

Q: 1. On which of the following instances is cost estimation not permitted? A. Estimating the cost of…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: List the eight balance-related audit objectives in the verificationof the ending balance in…

A: Balance related audit objectives helps auditors to accumulate enough information and evidences to…

Q: Explain whether or not analytical review procedures would be sufficient for the audit of the…

A: Auditing is the examination and verification of the financial statements prepared by the entity and…

Q: A typical substantive procedure for inventory balance and purchase transactions may include…

A: The question is related to the Substantive audit procedures. The Substantive audit procedures are…

Q: attendance of the auditors during the physical inventory coun

A: Answered:

Q: What type of substantive testing (not test of controls) should be used for each of the following…

A: Substantive  testing is also known as substantive procedures, which are the procedures an auditor…

Q: Completeness

A: Correct answer :- B Completeness

Q: The receiving department compares the quantity received with the quantity prin on the receiving…

A: PO termed as Purchase order refers to the document which legally binds and it is created through…

Q: Which of the following is an analytical procedure? a. Analysis of significant ratios and trends b.…

A: Analytical  procedures are performed to evaluate the financial information.

Q: In an audit of inventories, an auditor would most likely verify that: a. All inventory owned by the…

A: Explanations:- During the inventory audit, auditor observe that financial records match a company's…

Q: I want the answers in the same blanks formatting please.

A: Workings: 1. Total Assets:Cash = $6,240Accounts Receivable = $2,200Inventory = $2,910Supplies =…

Q: Explain issues that analysts should consider when examining a company’s inventory disclosures and…

A: Inventory Disclosure: Inventory disclosure is useful for management to evaluate inventory…

Q: Which of the following is a substantive test in relation to completeness? a. Inspect physical…

A: Inspect physical inventory, checking from inventory records to physical stock is an Audit assertion…

Q: The following question pertain to the financial sta

A: substantive audit procedure are processes, steps, tests performed by auditors, which creates…

Q: The auditor computed inventory turnover and compared it to prior years.  This substantive test…

A: Auditing inventory refers to cross-checking the physical inventory with the inventory reported in…

Q: Substantive test of auditing inventory 1. Analytical procedure Make comparison between current…

A: "Since you have asked multiple question we will solve the first question for you.  If you want any…

Q: 1)Which of the following is not an audit procedure for inventories? a)Review cut-off of inventory…

A: The objective of the first question is to identify the option that is not an audit procedure for…

Q: (7) ( ) When the auditor want to know the change of cost-allocated method of several products, which…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: When auditing merchandise inventory at year-end, the auditor performs audit proceduresto obtain…

A: Given information is: When auditing merchandise inventory at year-end, the auditor performs audit…

Q: List and explain the substaintive tests of Cash & Inventory

A: A substantive test is the audit procedure used by the auditors of the business in order to check the…

Q: ents to ensure tha d in the sales reve en shipped. This

A: The right answer is option b completeness

Q: List and explain the substantive tets of Cash and Inventory.

A: Substantive tests It is the procedures by which evidence is gathered by auditors. It is inclusive of…

Q: Inquiries of warehouse personnel concerning possible obsolete inventory items provide assurance…

A: The value of inventory, the lower of cost and net realizable value, and obsolete items are among…

Q: When inventory items have price movements in excess of 50% (considered material), how does this…

A: As per AICPA, "Inherent risk is the risk of material misstatement assuming no related controls,…

Q: 3. Allocation and valuation. 4. Understandability and classification. 1, 2.

A: Financial statements refer to the collection of all the balance sheets, income statements, etc to…

Q: Accountants at UltraTech obtain their values for inventory and total assets, calculate the balance…

A: Inventory to assets ratio is a financial ratio used for the analysis of financials of the company.…

Q: Management decided to undertake a physical inventory count in resolving a perceived weakness in the…

A: In case of trading and manufacturing businesses, inventory is one of the most important part of the…

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.