1
Q
INVENTORY ON HAND NEVER EQUALS
A
INVENTORY CLIENT ACTUALLY OWNS
2
Q
OBSOLETE OR DAMAGED GOODS
A
PHYSICAL COUNT AWARENESS
3
Q
COMPLETENESS OF INV
A
CUTOFF PROCEDURES
1- states that inventory is on hand
2 - classified in the proper period
4
Q
INVENTORY TRICK
SOMETIMES THEY INCLUDE
A
TRACE WHEN THE TRANSACTION DONE IS CLEARLY EXISTENCE
INTERNAL RECORD TO PHYSICAL COUNT
5
Q
EASIEST WAY TO OBTAIN EVIDENCE
A
CONFIRMATION BEFORE OBSERVATION
6
Q
review aged trial balance
A
for A/R evaluation
7
Q
inventory turnover assertion
A
valuation NOT COMPLETENESS
AUD
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