Assume You Are Working on the Audit of Inventory at Ralph's

question 54

Essay

Assume you are working on the audit of inventory at Ralph's Grocery Store. a. Identify the two most important management assertions relating to inventory and explain how you will gather audit evidence to determine that these assertions are true.
Assertion $~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~$ Evidence

b. What audit assertions would be the most important relating to the fixed assets of the store? Explain how you would gather audit evidence to verify these assertions.
Assertion $~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~$ Evidence

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Definitions:

Ascomycota

A phylum of fungi characterized by the formation of spores in a structure known as an ascus.

Basidiomycota

A group of fungi distinguished by their spore production on basidia.

Flagellated Cells

Cells that possess one or more whip-like structures called flagella, used for movement or sensing the environment.

Ascomycota

A phylum within the kingdom Fungi, characterized by the formation of spores in specialized sacs called asci, including many molds, yeasts, and morels.