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4 Cards in this Set
- Front
- Back
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Functions of the Inventory Management (6 Items) GRIMFC |
Inventory management Raw materials Manufacturing Finished goods Cost accounting General Ledger |
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Physical Inventory Observation |
Planning
Client vs. Auditor responsibilities Assertions being tested Test Counts |
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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 |
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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 |
