Questionshown below are errors and fraud that could affect

Assignment Help Financial Accounting

Reference no: EM13348376

Question:

Shown below are errors and fraud that could affect the fairness of the client's financial statement balance for inventory. For each shown a substantive procedure performed by the auditors to test for the occurence of the error or fraud.

a. The client added items to the completed physical inventory that were not on hand at the time of the physical inventory. ?

b. The client valued certain inventory items at their current replancement cost, rather than the item's historical cost.

c. The client failed to add purchased goods in transit in their inventory.

d. The client made major errors in extending inventory quantities by their cost on the completed physical inventory listing.

Reference no: EM13348376

Questions Cloud

Questionyou are a professional accountant who has been : questionyou are a professional accountant who has been employed to provide advice to a small start up biotech company

Question 1a list five pitfalls which must be avoided while : question 1a list five pitfalls which must be avoided while carrying out a risk assessment.b as per the occupational

Questiongeorge large and his wife marge large who live at : questiongeorge large and his wife marge large who live at 2000 lakeview drive cleveland ohio 49001 want you to prepare

Questionsuppose that you work for the internal revenue : questionsuppose that you work for the internal revenue service and congress has tasked you with developing changes to

Questionshown below are errors and fraud that could affect : questionshown below are errors and fraud that could affect the fairness of the clients financial statement balance for

Questionsound audio sells audio equipment for automobiles : questionsound audio sells audio equipment for automobiles. engineers notified management in december 2013 of a circuit

Question1 the given selected transactions relate to : question1. the given selected transactions relate to liabilities of united insulation corporation. uniteds fiscal year

Question1 trevor price bought 10-year bonds issued by : question1. trevor price bought 10-year bonds issued by harvest foods 5 years ago for 982.79. the bonds make semiannual

Question1 barbara is investing in a stock and is aware that : question1. barbara is investing in a stock and is aware that the return on that investment is mainly sensitive to how

User Account

All Pages