Chapter 13

Question 1

what must the audit approach consider with regards to the inventory

Answer 1

qauntity and valuation

Question 2

what is ISA 501

Answer 2

Auditor must attend the stock count

Question 3

who must be in overall control of a stock count

Answer 3

finance team

Question 4

can warehouse manager be involved at all

Answer 4

no

Question 5

why cant the warehouse manager be involved

Answer 5

he could manipulate the count and cover up fraud

Question 6

can warehouse staff be involved in the count

Answer 6

yes