What are control purposes and management assertions support

Assignment Help Auditing

Reference no: EM133729988

Assignment: Inventory Management Audit in A Saudi Corporation

I. Inventory management in corporations identifies management's practices, investigate efficient and effective inventory management approaches, and efficient and effective inventory management practices, which are key points for an auditor to ensure evidences for an opinion in the audit report on inventory.

Imagine that you are an auditor of a corporation in KSA and answer the following:

1. Bring out the inventory management process you would follow to check efficient and effective inventory management practices in the corporation.

2. List done the important functions with examples in the inventory management process.

3. Explain the audit tests you would cover with related assertions to get assured evidences

4. Conclude your testing on likely and tolerable misstatements allocated to the inventory account.

II. What are the control purposes and management assertions supported by bank reconciliations?

III. The standard unqualified report is issued when the auditor has gathered sufficient evidence, the audit has been performed in accordance with PCAOB standards, and the financial statements conform to GAAP.

Take an example of a corporation from KSA and explain the important elements necessary for a standard unqualified report issued by an auditor in reporting of financial statements. Give examples on each element.

IV. Briefly explain Assurance Services, Attest services and Trust Services.

Reference no: EM133729988

Questions Cloud

Explain whether these advantages are likely to endure : What do you think are Tesla's core competencies? Identify the strengths that contributed to its success. Explain whether these advantages are likely to endure.

What part of the history we will be studying : What part of the history we will be studying this semester do you want to know more about? Why? Explain what it is about that part of history that interests

Analyze a consumer protection statute identified : Analyze whether the manufacturer or any other parties would be liable for negligence if the product had not been recalled and had caused harm to a consumer

Identify and support the most appropriate leadership style : Identify and support the most appropriate leadership style based on leadership theory and recommend appropriate strategies for leading the change

What are control purposes and management assertions support : What are the control purposes and management assertions support by bank reconciliations? Briefly explain Assurance Services, Attest services and Trust Services.

Where would the customer use the product : What is the ad's overall promotional message? Is there a brand promise? Do you believe the promise? Who do you think the ad is targeting? Why would a customer

Discuss how you grew personally and professionally : How you will apply the learning, experiences and concepts to promote equity and diversity through content area teaching and nurturing culturally inclusive

Apply insight regarding ideation during doctoral research : RES 7115 university of arizona global campus - Explain in detail how you will apply this information to your own stage in the research process, anticipating

How organizations can protect themselves from it : Locate automated assessment tool and detail what attackers use the tool for, the information it provides and how organizations can protect themselves from it.

User Account

All Pages