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Identify which two audit assertions you would focus

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Question - Auditing Risk, Assertions, Materiality & Audit Strategy

For the current year audit, Blue Cow's draft Trading Account shows the following figures:

Sales $100,000

Cost of Sales $69,000

Gross Profit $31,000

Basic analytical procedures therefore show a GP% of 31% this year which is higher than the normal range of 24% - 26%. You intend to enquire of management as to the reasons for the current year increase, before undertaking further audit work to investigate potential misstatements.

Question - Identify which two audit assertions you would focus on and explain how these relate to investigating the suspected overstatement of closing inventory.

Reference no: EM132675728

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