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4 Cards in this Set

  • Front
  • Back

Functions of the Inventory Management

(6 Items) GRIMFC

Inventory management

Raw materials


Finished goods

Cost accounting

General Ledger

Physical Inventory Observation


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