ACC7020-8 Auditing and Assurance Services

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13-32.  Select the most appropriate audit procedure from the list below. 
An audit procedure may be selected once, more than once, or not at all. 
   
Audit Procedure  
1.  Examine currnt vendor price lists.  
2.  Review drafts of the finqncial statements  
3.  Select a sample of items during the physical inventory count and determine 
that they have been included on count sheets.  
4.  Select a sample of recorded items and examine supporting vendor 
invoices and contracts.  
5.  Select a sample of recorded items on count sheets during the physical 
inventory count and determine tht items are on hand.  
6.  Review loan agreements and minutes of board of directors; meetings. 
   
Specific AssertionAudit procedure 
a.  Ensure that the entitiy has legal title to inventory (rights and obligations)  
b.  Ensure that rcorded inventory quantitie include all products on hand (completeness)  
c.  Verify that inventory has been reduced, when appropriate, to replacement cost or net realizable value (valuation)  
d.  Verify that the cost of inventory has been properly determined (accuracy)  
e.  Verify that the major categories of inventory and their bases of valuation are adequately reported in the financial statements (completeness and accurance and valuation for presentation and disclosures)  
   
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