The Auditor Determines That Each of the Following Objectives Will

question 10

Essay

The auditor determines that each of the following objectives will be part of your audit of Bozington,Co.,Inc.For each audit objective,select a substantive procedure that would help to achieve that objective.Each of the procedures may be used once,more than once,or not at all.
Audit Objective
1.Establish the completeness of inventories.
2.Establish the accuracy of cost amounts of inventories.
3.Determine that the presentation and disclosure of inventories and cost of goods sold is adequate.
4.Establish that the client has rights to the recorded inventories.
5.Establish the existence of ending inventory.
Substantive procedures
a.Examine current vendors' price lists.
b.Review drafts of the financial statements.
c.Select a sample of items during the physical inventory count and determine that they have been included on count sheets.
d.Select a sample of recorded items and examine supporting vendors' invoices and contracts.
e.Select a sample of recorded items on count sheets during the physical inventory count and determine that items are on hand.
f.Test the reasonableness of general and administrative labor rates.

Understand cognitive achievements and limitations during the preoperational stage.

Understand the concepts of tenacity, empiricism, rationalism, and authority as epistemological foundations.

Grasp the nature and importance of epistemological and ontological questions in research.

Differentiate between various types of research questions and hypotheses (closed-ended, open-ended, null, one-tailed, and two-tailed).

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Definitions:

Dominant Genes

Genes that express their trait even when only one copy is present, overpowering recessive genes in determining certain characteristics.

Recessive Genes

Genes that produce their characteristic phenotype only when their allele is identical and not masked by a dominant allele in a heterozygous pairing.

Epigenetics

The study of heritable changes in gene expression that occur without changes in the DNA sequence, often influenced by environmental factors and lifestyle.

Nuclear Membrane

A double-lipid bilayer that encloses the nucleus in eukaryotic cells, controlling the flow of substances in and out of the nucleus.