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You are a senior on the audit for the year ended 30 June 2018 of Office
Supplies Ltd, a Perth-based manufacturer of customised office furniture. You are carrying out audit checks on cut-off at year end. Office Supplies maintains details of stock quantities on its computer and these stock quantities are updated from goods received notes and sales invoices. Office Supplies conducts a 'wall-to-wall' count of inventory when all operations cease at 30 June, and all inventory is counted in a single stocktake. The bulk of inventory is held in two adjoining warehouses owned by Office Supplies.
However, a material amount of special desk fittings is held in a separate warehouse in a different suburb by a third party. During the planning stage of the audit, you have discovered that the following potential misstatements may occur or exist:
Based on your audit procedures completed during the planning stage, you have concluded that there are no relevant control activities that could prevent these potential misstatements from occurring.
REQUIRED
Problem (a) Outline one substantive test of detail that will substantiate each of the potential misstatements.
Problem (b) For each substantive test of detail that you outlined in (a), indicate the assertion at risk.
A candy factory's employees work overtime to finish an order that is sold on February 28. The office sends a statement to the customer in early March and payment is received by mid-March. The overtime wages should be expensed in ??
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During the month, 6,000 units of product were manufactured and 5,500 units of product were sold. On May 1, George's carried no inventories.
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