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[Solved] ACC311 GDB Solution & Discussion Fall 2019  

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17/01/2020 11:10 pm  

ACC311 Fundamentals of Auditing GDB Solution & Discussion Fall 2019


Solution Idea:

 

Control objective tested by auditors.

  1. Auditor should inspect whether inventory abc chemicals should be accurately, correctly, timely recorded in the books of ABC chemical and should be authorized.
  2. Auditor should inspect the revel vent supporting document of inventory purchased. Also check inventory ledger card.
  3. Auditor should observe whether proper security system is used to protect the inventory such as cctv cameras, locked wherehouse.
  4. Auditor should review whether principle of IAS 2 should be properly followed such as inventory should be valued at lower of cost and NRV.
  5. Auditor should reconciled the physical balance of inventory with book balance of ABC chemical.
  6. 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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