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Problem - Merry Life Lid is a retail business with high values of inventory. You are a member of the audit team and have been tasked with attending the year-end inventory count on New Year's Eve.
Required -
(a) Explain FIVE risks of material misstatement associated with inventory.
(b) Explain the purpose of a full annual inventory count and why it is important for the auditor to attend the count.
(c) Identify and explain SIX controls you would expect to see operating over the inventory count.
(d) Describe TWO substantive procedures that the auditor might use to test the VALUATION of inventory.
1. minimum disclosures are not required as part of interim reporting fora. sales or gross revenuesb. primary and fully
Using your IDEA audit software and workbook, walk through and complete the entire process described in Section 4, related to the analysis of inventory. Create a document in MS Word that briefly documents the audit and/or data analysis processes th..
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