Which of the Following Is NOT a Procedure That the Auditor

question 41

Multiple Choice

Which of the following is NOT a procedure that the auditor should perform related to the physical inventory count?

• A) Document the first and last tag numbers used.
• B) Take notations of all items that appear to be obsolete or are in questionable condition.
• C) Make counts of all items and record the counts for subsequent tracing into the client's inventory compilation.
• D) Observe whether there is any physical movement of goods during the counting of the inventory.

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Definitions:

Civil Liberties

Individual rights protected by law from governmental interference or restriction, including freedom of speech, assembly, and religion.

Labor Rights

The protections and entitlements of workers, including the right to safe working conditions, fair wages, and freedom from discrimination, established by law and labor unions.

Great Depression

A severe worldwide economic downturn that took place during the 1930s, marked by high unemployment, significant declines in output and the standard of living, and widespread poverty.

New Deal

A series of programs, public work projects, and financial reforms enacted by President Franklin D. Roosevelt in the United States between 1933 and 1939 to help recover from the Great Depression.