Question

The most reliable procedure for an auditor to use to test the existence of a client's inventory at an outside location would be to?

Answer 1

The most reliable procedure for an auditor to use to test the existence of a client's inventory at an outside location would be to: Observe physical counts of the inventory items.

Which of the following audit procedures is best to perform to determine that company legally owns inventories?

To best ascertain that a company has properly included merchandise that it owns in its ending inventory, the auditors should review and test the: Purchase cutoff procedures. Purchase cutoff procedures should be designed to test whether all inventory Owned by the company was recorded.

Observe merchandise and raw materials during the client's physical inventory taking.

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