The Auditor May Discover an Event After the Last Date

question 112

True/False

The auditor may discover an event after the last date of field work,but prior to the issuance of the report.If this event is disclosed,the auditor has no other option but to dual date the report.

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Definitions:

Safety Inventory

Extra inventory kept on hand to protect against uncertainties in demand or supply.

Product Availability

The extent to which goods or services can be purchased or accessed as desired by customers at a given time.

Customer Purchases

Transactions where consumers buy goods or services from businesses, exchanging money for products.

Excessive Inventory

A larger amount of stock than what is needed, leading to unnecessary storage costs and potential obsolescence.