User Account

All Pages

Explain the purpose of substantive testing for inventory

Assignment Help Accounting Basics
Reference no: EM132829722

Question -

a) You are the manager of the audit of a large electrical goods retailer. The single largest asset of this retailer is inventory.

Explain the purpose of substantive testing for inventory and describe the substantive procedures you will carry out at year end in order to obtain sufficient audit evidence regarding the assertions of valuation and existence and give examples of the main types of substantive tests.

b) Explain what is meant by statistical sampling and what is its purpose.

Reference no: EM132829722

Questions Cloud

Explain the impact of this event : You are the audit manager on the audit of WorkWe Limited for the year ended 30 June 2020. Explain the impact of this event
Organizational structure influences organizational behavior : Understand what impact organizational structure and communication have on organizational behavior within an organization
How you will utilize insights to inform efforts : Summarize the insights you gained as a result of creating this crisis plan and how you will utilize these insights to inform efforts in your own school setting.
Which circumstances would be most indicative : Which circumstances would be most indicative of a higher likelihood of fraudulent financial reporting? Which two risk components comprise the risk of material
Explain the purpose of substantive testing for inventory : Explain the purpose of substantive testing for inventory and describe the substantive procedures you will carry out at year end
Recommendations for the hospitality industry : One of the 'Sustainable Development Goal' is to achieve gender equality What are your views about this goal, discuss and provide realistic recommendations for t
Neutral impact on your experience : From your perspective as a student, did the academic affairs division have a positive, negative, or neutral impact on your experience?
Which is most accurate regarding an auditor required : Which is most accurate regarding an auditor's required communications about fraud-related issues? Fraud having a material effect on the financial statements
What is the ideal number of people : Imagine Earth was gone and you have the opportunity to start a new world. Your new planet is about the size of Canada. It has climate zones like earth, and is g

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd