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[Solved] ACC311 GDB Solution & Discussion Fall 2019
ACC311 Fundamentals of Auditing GDB Solution & Discussion Fall 2019
Control objective tested by auditors.
- Auditor should inspect whether inventory abc chemicals should be accurately, correctly, timely recorded in the books of ABC chemical and should be authorized.
- Auditor should inspect the revel vent supporting document of inventory purchased. Also check inventory ledger card.
- Auditor should observe whether proper security system is used to protect the inventory such as cctv cameras, locked wherehouse.
- Auditor should review whether principle of IAS 2 should be properly followed such as inventory should be valued at lower of cost and NRV.
- Auditor should reconciled the physical balance of inventory with book balance of ABC chemical.
- Auditor should check that procedures are performed by ABC chemical for identification of obsolete or slow moving inventory. Auditor should check aging analysis of inventory to check obsolescence of inventory.
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