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4 Cards in this Set

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Functions of the Inventory Management




(6 Items) GRIMFC

Inventory management


Raw materials


Manufacturing


Finished goods


Cost accounting


General Ledger



Physical Inventory Observation

Planning

Client vs. Auditor responsibilities


Assertions being tested


Test Counts



Client vs. Auditor responsibilities

Client counts and supervises inventory, Auditor observes.




-Determine all items included


-Employees comply with instructions


-Be alert for inclusion of obsolete or damaged merchandise


-Make sure inventory inside containers is counted


-Make test counts

Price Testing - What documents do we examine

Clients book, prices they use, trace to source document




Market price, whether the price is consistent with market price