When Conducting Fieldwork for a Physical Inventory,an Auditor Is least

question 32

Multiple Choice

When conducting fieldwork for a physical inventory,an auditor is least likely to perform which of the following steps using a generalized audit software package?

• A)Observing inventory.
• B)Selecting sample items of inventory.
• C)Analyzing data resulting from inventory.
• D)Recalculating balances in inventory reports.

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Definitions:

Last Month

A reference to the calendar month immediately preceding the current one.

Times A Day

A frequency measure indicating the number of times an event occurs within a single day.

Inferential Statistics

A branch of statistics that uses a random sample of data taken from a population to describe and make inferences about that population.

Descriptive Statistics

Statistical methods that summarize and describe the features of a data set, including measures of central tendency and variability.