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You have been assigned to carry out a stock take in a company. Your Audit Supervisor has given you with an audit programme.
As part of a briefing session to your juniors, you are required to explain the specific audit objective of each of the tests below and to which assertion does it relate.
(a) Observe client physical inventory count
(i) make test count.
(ii) look for indications of slow moving , damage or obsolete inventory.
(iii) account for all inventory tags and count sheets used in making inventory count.
(b) Test clerical accuracy of inventory listing
(i) Recalculate extensions and footing.
(ii) Trace test count to listing.
(iii) Vouch items on listing to inventory tags and count sheet
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Oversee commission staff to ensure individuals are properly trained and monitored. please provide me with some risks, controls and audit tests for the process above.
Forms of evidence a) Observation: is usually witnessing internal control and book-keeping procedures. It includes attendance at wages pay out. Observation of stock-take, open
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You are auditing XYZ company for the year ended 12/31/2012 and will be expressing an opinion on their financial statements as of that date. You completed your field work on 1/21/13
IAS 12 Income Taxes 1AS 12 needs a deferred tax liability should be well known for all taxable temporary difference with minor exceptions as goodwill that is not allowable for
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