In Auditing a Client's Inventory,the Auditors Must Be Concerned with the Detection

question 48

Essay

In auditing a client's inventory,the auditors must be concerned with the detection of goods that are both damaged and obsolete.
a.Why are the auditors concerned with detecting damaged and obsolete goods?
b.How do the auditors test for damaged goods in the client's inventory?
c.How do the auditors test for obsolete goods in the client's inventory?

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Definitions:

Edit Only

Refers to the permission setting in software or documents that allows a user to make modifications but not to create new content or delete existing content.

View Only

Refers to an access level where a user is allowed to see content but cannot modify it.

SmartArt

A feature in Microsoft Office programs that provides a wide range of graphical options, such as flowcharts and diagrams, to visually communicate information.

Microsoft Office 2007

A version of Microsoft Office, a suite of productivity software, released with updated user interface features and file formats.