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Case Study -
You are auditing the financial report of Best Living Supplies Ltd (Best Living Supplies) for the year ended 30 June 2016. Best Living Supplies sells a wide variety of household products to retail outlets. All inventories is purchased for directly from manufacturers, and inventory items are located in a single warehouse. Best Living Supplies maintains computerized perpetual inventory records and adopts the First-in-First-out (FIFO) inventory method.
At 30 June 2016 you observe the tagging and counting of Best Living Supplies stock-take and make appropriate test counts. The test counts have been recorded in a computer file. Best Living Supplies provided you with 2 computer files. The first file contains the perpetual inventory records for the year ended 30 June 2016. The second file contains the client's physical inventory count as at 30 June 2016. The perpetual inventory file contains the following information in item number sequence:
Tag number, item number, item description, quantity counted.
Required -
Prepare a report of not less than 2000 words explaining five appropriate substantive audit procedures you should perform in relation to the data contained in the inventory files identified above. For each procedure, identify the relevant assertion. Justify each assertion you have identified for each appropriate audit procedure.
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