inventory Familiarization
Limisha
Template.docxCase Assignment: Review the case and respond to each of the items using the templates provided below.
Use the below template to respond to Requirement 1: Inventory
Answer Template A: Inventory Familiarization
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Requirements
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Answer |
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Part (a)
Discuss and determine the key Account Balance Assertions that may be at risk for the diamond inventory. |
Existence:
Rights and Obligations:
Completeness:
Valuation and Allocation:
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Part (b)
Discuss and determine whether the sample of individually wrapped certified diamonds and the sample inventory parcel, including the inventory record, provide evidence that indicates any specific Account Balance Assertion is at risk for the 20X1 year-end audit. |
Existence:
Rights and Obligations:
Completeness:
Valuation and Allocation:
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