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Explain five risks of material misstatement

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Reference no: EM132956236

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.

Reference no: EM132956236

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