Risk and assertions for procedures

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Case: For the following scenarios, provide three procedures for the following accounts, remember to include the risk and assertions for procedures (provide at least one audit procedure and at least one review procedure). Please clearly indicate which procedure is a review and which is an audit.

Simon uses a periodic inventory system, which is updated at year end when he counts the inventory to get a number for her balance sheet. Simon orders products based on what she thinks he will sell and whenever he notices she is out of anything. He often discovers he is out when customers complain a product is missing. He thinks there must be a better way but doesn't know what it is.

Reference no: EM133328080

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