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ACE Corporation does not conduct a complete annual physical count of purchased parts and supplies in its principal warehouse but uses statistical sampling to estimate the year-end inventory. ACE maintains a perpetual inventory record of parts and supplies. Management believes that statistical sampling is highly effective in determining inventory values and is sufficiently reliable, making a physical count of each item of inventory unnecessary.
Required: Problem 1: List at least 10 normal audit procedures that should be performed to verify physical quantities whenever a client conducts a periodic physical count of all or part of its inventory.
Problem 2: Identify the audit procedures you should use that change or are in addition to normal required audit procedures [in addition to those listed in your solution to part (a)] when a client utilizes statistical sampling to determine inventory value and does not conduct a 100 percent annual physical count of inventory items.
Problem 3: Discuss critical Internal Controls entity's should put in place regarding custody and security of Inventory.
Problem 4: Why do you believe its important for Auditor's to physically be present during an entity's year-end physical inventory count?
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