Stichworte Inventory audit

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Stichworte: Inventory audit

What are the uses of computer assisted auditing techniques CAATs or programs?

What are the uses of computer assisted auditing techniques CAATs or programs?

Which of the following audit opinions would be considered a modified opinion?

Which of the following audit opinions would be considered a modified opinion?

In most cases the most important assertion associated to accounts payable is:

In most cases the most important assertion associated to accounts payable is:

Inventory accumulates in a process when the inflow rate is _blank_ the outflow rate.

Inventory accumulates in a process when the inflow rate is _blank_ the outflow rate.

Which inventory costing method reports the earliest costs in ending inventory?

Which inventory costing method reports the earliest costs in ending inventory?

Financial statements of publicly traded corporations are subject to the oversight of:

Financial statements of publicly traded corporations are subject to the oversight of:

In which entry represents the unsold goods at the end of the accounting period?

In which entry represents the unsold goods at the end of the accounting period?

According to the Standards, the organizational status of the internal audit activity

According to the Standards, the organizational status of the internal audit activity

What is a key difference between the Chinese personality Assessment Inventory and the NEO Five Factor Inventory?

What is a key difference between the Chinese personality Assessment Inventory and the NEO Five Factor Inventory?

Process-oriented layouts typically have low levels of work-in-process inventory

Process-oriented layouts typically have low levels of work-in-process inventory

What is the account to be debited when purchasing inventories using periodic inventory systems?

What is the account to be debited when purchasing inventories using periodic inventory systems?

Using the information below, compute the days sales in raw materials inventory:

Using the information below, compute the days sales in raw materials inventory:

What is the purpose of audit trails to restore systems to normal operations to correct system problems to detect security violating events to prevent security breaches?

What is the purpose of audit trails to restore systems to normal operations to correct system problems to detect security violating events to prevent security breaches?

When manufacturing inventory, what is the accounting treatment for abnormal freight-in costs?

When manufacturing inventory, what is the accounting treatment for abnormal freight-in costs?

How would your sample size change if you increased your tolerable misstatement?

How would your sample size change if you increased your tolerable misstatement?

Before accepting an engagement to audit a new client, an auditor is required to

Before accepting an engagement to audit a new client, an auditor is required to

Which type of inventory control method says that the oldest item received is the first item to be sold or delivered?

Which type of inventory control method says that the oldest item received is the first item to be sold or delivered?

FIFO is the inventory costing method that follows the physical flow of the goods

FIFO is the inventory costing method that follows the physical flow of the goods

Which of the following is the best audit procedure for the detection of lapping?

Which of the following is the best audit procedure for the detection of lapping?

The operating cycle equals the sum of the inventory period and the ______ period.

The operating cycle equals the sum of the inventory period and the ______ period.

Which of the following measures the relationship between cost of goods sold and the amount of inventory carried during the period?

Which of the following measures the relationship between cost of goods sold and the amount of inventory carried during the period?

Costs that are capitalized as inventory during completion of products are called:

Costs that are capitalized as inventory during completion of products are called:

Fifo is the inventory cost flow method that follows the normal physical flow of the goods.

Fifo is the inventory cost flow method that follows the normal physical flow of the goods.

The inventory costing method that results in the lowest taxable income in a period of rising cost is

The inventory costing method that results in the lowest taxable income in a period of rising cost is

Dunbar sold 590 units of inventory during the month ending inventory assuming LIFO would be

Dunbar sold 590 units of inventory during the month ending inventory assuming LIFO would be

As part of an audit, a CPA often requests a representation letter from the client

As part of an audit, a CPA often requests a representation letter from the client

One purpose of conducting an inventory is to determine if any supplies should be ordered

One purpose of conducting an inventory is to determine if any supplies should be ordered

Which of the following personnel is responsible for maintaining the perpetual inventory files?

Which of the following personnel is responsible for maintaining the perpetual inventory files?

Which of the following types of employees must be independent of an audit client?

Which of the following types of employees must be independent of an audit client?

What are the two questions answered by the inventory model How are these two questions answered?

What are the two questions answered by the inventory model How are these two questions answered?

Which of the following would an is auditor perform first when planning an is audit?

Which of the following would an is auditor perform first when planning an is audit?

Which of the following is a principle underlying an audit conducted in accordance?

Which of the following is a principle underlying an audit conducted in accordance?

Which of the following is an advantage of the personality assessment Inventory PAI

Which of the following is an advantage of the personality assessment Inventory PAI

Which function or department receives the stock release copy of the sales order and uses this to locate the inventory?

Which function or department receives the stock release copy of the sales order and uses this to locate the inventory?

Control strengths and weaknesses should be documented in audit documentation sometimes called

Control strengths and weaknesses should be documented in audit documentation sometimes called

Qualys CSAM application distinguishes your asset inventory using Which of the following categories

Qualys CSAM application distinguishes your asset inventory using Which of the following categories

Which of the following is a step in the task-analysis inventory method of job analysis

Which of the following is a step in the task-analysis inventory method of job analysis

The merchandise inventory account on a classified balance sheet is reported in the:

The merchandise inventory account on a classified balance sheet is reported in the:

Merchandise inventory is generally converted to cash more quickly than accounts receivable.

Merchandise inventory is generally converted to cash more quickly than accounts receivable.

When using a perpetual inventory system, the journal entry to record the cost of goods sold is

When using a perpetual inventory system, the journal entry to record the cost of goods sold is

The cost of all direct materials issued to production is debited to work in process inventory.

The cost of all direct materials issued to production is debited to work in process inventory.

What topics should a successor auditor discuss with the predecessor auditor before accepting an audit engagement?

What topics should a successor auditor discuss with the predecessor auditor before accepting an audit engagement?

When an auditor concludes that there is substantial doubt about a continuing audit?

When an auditor concludes that there is substantial doubt about a continuing audit?

What are the factors that affect sufficiency and appropriateness of audit evidence?

What are the factors that affect sufficiency and appropriateness of audit evidence?

Which of the following is the primary requirement in reporting results of an IS audit?

Which of the following is the primary requirement in reporting results of an IS audit?

What are the major purposes of obtaining representation letters from audit clients?

What are the major purposes of obtaining representation letters from audit clients?

What are major characteristics of two inventory systems for independent demand items

What are major characteristics of two inventory systems for independent demand items

Which of the following is a benefit of a risk-based approach to audit planning audit

Which of the following is a benefit of a risk-based approach to audit planning audit

Which of the following statements most likely would be included in an audit engagement letter?

Which of the following statements most likely would be included in an audit engagement letter?

Which document authorizes the removal of raw materials from inventory for use in production?

Which document authorizes the removal of raw materials from inventory for use in production?

You are leading an engagement providing non-audit services to an sec-restricted entity. halfway

You are leading an engagement providing non-audit services to an sec-restricted entity. halfway

When performing an audit of the property, plant, and equipment accounts, an auditor should expect

When performing an audit of the property, plant, and equipment accounts, an auditor should expect

Which of the following audit procedures most likely would assist an auditor in identifying conditions and events that may?

Which of the following audit procedures most likely would assist an auditor in identifying conditions and events that may?

Describe matters that the auditor must communicate to audit committees of public companies.

Describe matters that the auditor must communicate to audit committees of public companies.

An auditor with the CPA firm is working to understand a clients inventory procurement system

An auditor with the CPA firm is working to understand a clients inventory procurement system

Which of the following techniques would best result in sufficient evidence with regard to an audit

Which of the following techniques would best result in sufficient evidence with regard to an audit

What is the term for an examination of a companys financial records by someone that is not an employee of the company?

What is the term for an examination of a companys financial records by someone that is not an employee of the company?

Which branch of accounting has unbiased evaluation of the financial statements to determine whether or not a companys financial statement is presented truthfully?

Which branch of accounting has unbiased evaluation of the financial statements to determine whether or not a companys financial statement is presented truthfully?

Which of the following is an analytical procedure that an auditor most likely would perform in planning an audit?

Which of the following is an analytical procedure that an auditor most likely would perform in planning an audit?

When the current years ending inventory is overstated the current years cost of goods sold is overstated?

When the current years ending inventory is overstated the current years cost of goods sold is overstated?

Which inventory costing method approximates most closely the current cost for cost of goods sold and ending inventory?

Which inventory costing method approximates most closely the current cost for cost of goods sold and ending inventory?

In applying the lower of cost or market method to LIFO inventory valuation, market is defined as

In applying the lower of cost or market method to LIFO inventory valuation, market is defined as

When reporting inventory using the lower of cost or market method realizable market value should not be less than?

When reporting inventory using the lower of cost or market method realizable market value should not be less than?

When valuing raw materials inventory at lower of cost or market what is the general meaning of the term market?

When valuing raw materials inventory at lower of cost or market what is the general meaning of the term market?

Which of the following instances would the use of gross profit method in estimating inventory be not useful?

Which of the following instances would the use of gross profit method in estimating inventory be not useful?

In absorption costing, as contrasted with direct costing, the following are absorbed into inventory

In absorption costing, as contrasted with direct costing, the following are absorbed into inventory

What is the major difference between service and merchandising companies in terms of accounting?

What is the major difference between service and merchandising companies in terms of accounting?

Which of the following statements is always true when an auditor is planning a year end audit

Which of the following statements is always true when an auditor is planning a year end audit

Planning helps to solve issues related to facility layout, facility location, and inventory control.

Planning helps to solve issues related to facility layout, facility location, and inventory control.

Which of the following is the primary requirement in reporting results of an IS audit the report is?

Which of the following is the primary requirement in reporting results of an IS audit the report is?

An audit examines whether security controls are appropriate, installed correctly, and ________.

An audit examines whether security controls are appropriate, installed correctly, and ________.

Which of the following is the main reason to perform a risk assessment in the planning phase of an IS audit?

Which of the following is the main reason to perform a risk assessment in the planning phase of an IS audit?

When turning on inventory tracking in quickbooks online, which 3 features should be enabled?

When turning on inventory tracking in quickbooks online, which 3 features should be enabled?

The fixed-period inventory system requires more safety stock than a fixed-quantity system because

The fixed-period inventory system requires more safety stock than a fixed-quantity system because

What value does an automated asset inventory system have for the risk identification process?

What value does an automated asset inventory system have for the risk identification process?

An inventory manager of a manufacturing plant would likely have decision-making authority over

An inventory manager of a manufacturing plant would likely have decision-making authority over

How do I change audit policies in Windows Server?

How do I change audit policies in Windows Server?

Your spouse has just accepted a new job as an accountant at an sec restricted audit client

Your spouse has just accepted a new job as an accountant at an sec restricted audit client

Can external auditors be independent given their reliance on the fee income from the company being audited?

Can external auditors be independent given their reliance on the fee income from the company being audited?

Auditors are required to communicate with the audit committee for all but which of the following

Auditors are required to communicate with the audit committee for all but which of the following

What are the overall objectives of the auditor in the conduct of the audit of financial statements?

What are the overall objectives of the auditor in the conduct of the audit of financial statements?

Which of the following is required documentation in an audit in accordance with generally accepted?

Which of the following is required documentation in an audit in accordance with generally accepted?

Which of the following is required documentation in an audit in accordance with Generally Accepted Auditing Standards Group of answer choices?

Which of the following is required documentation in an audit in accordance with Generally Accepted Auditing Standards Group of answer choices?

Which of the following statements is correct in most jurisdictions regarding the liability of a CPA who negligently expresses an opinion on an audit of financial statements?

Which of the following statements is correct in most jurisdictions regarding the liability of a CPA who negligently expresses an opinion on an audit of financial statements?

The standard auditors report refers to standards of the pcaob and gaap in which section(s)?

The standard auditors report refers to standards of the pcaob and gaap in which section(s)?

Which of the following statements is generally correct about the appropriateness of audit evidence quizlet?

Which of the following statements is generally correct about the appropriateness of audit evidence quizlet?

Which of the following procedures would provide the auditor the most reliable audit evidence?

Which of the following procedures would provide the auditor the most reliable audit evidence?

An audit client has a valid reason for requesting that a certain account receivable

An audit client has a valid reason for requesting that a certain account receivable

Who is responsible for the direction supervision and performance of the group audit engagement?

Who is responsible for the direction supervision and performance of the group audit engagement?

Which audit procedure would be most effective to detect whether a particular employee may have been involved in the submission of payments to false vendors?

Which audit procedure would be most effective to detect whether a particular employee may have been involved in the submission of payments to false vendors?

Which of the following is the best approach for obtaining feedback from engagement clients on the quality of internal audit work?

Which of the following is the best approach for obtaining feedback from engagement clients on the quality of internal audit work?

Which of the following is true regarding the relationship of assurance, attest, and audit services

Which of the following is true regarding the relationship of assurance, attest, and audit services

What is the general character of the work conducted in performing a forensic audit for a company?

What is the general character of the work conducted in performing a forensic audit for a company?

Which of the following is the most important reason for an auditor to gain an understanding of an audit clients system of internal control over financial reporting?

Which of the following is the most important reason for an auditor to gain an understanding of an audit clients system of internal control over financial reporting?

Is a formal document that defines the internal audit activitys purpose authority and responsibility?

Is a formal document that defines the internal audit activitys purpose authority and responsibility?

Which of the following factors most likely would cause a cpa to decline a new audit engagement?

Which of the following factors most likely would cause a cpa to decline a new audit engagement?

The boards expectations of the internal audit activity regarding the risk management process is

The boards expectations of the internal audit activity regarding the risk management process is

Adequate planning of the audit work helps the auditor of accomplishing the following objectives

Adequate planning of the audit work helps the auditor of accomplishing the following objectives

Which of the following would be the most likely reason to include more unpredictability in the selection and performance of audit procedures?

Which of the following would be the most likely reason to include more unpredictability in the selection and performance of audit procedures?

Which of the following relate to when the audit team gathers information about a new clients business and industry in order to obtain?

Which of the following relate to when the audit team gathers information about a new clients business and industry in order to obtain?