Certain features of the production cycle make it Inherently Risky. List 4 inherent risk factors
- What is NRV?
- What are the GAAP-Approved Inventory valuation methods?
- Physical Inventory
- What is a Physical Inventory (PI)?
- What is the Company’s objective for conducting a PI?
- What is the External Auditors role related to physical inventory observations
- Is it required by Auditing Standards (AU 331)
- What does the auditor do per paragraph 11 of AU 331?
iii. What information is generally document by the auditor during the PI observation?
- What are cycle counts?
- What is an inventory roll-forward?
- What are consignment goods? What are they a concern for Auditors? For which assertion?
- Why are slow moving or obsolete inventory items a concern to auditors? Which assertion?
Chapter 10: Finance and Investment (F&I) Cycle
- What are the primary assertions that auditors focus on in the F&I cycle?
- Certain features of the F&I Cycle make it Inherently Risky. List 4 inherent risk factor
- Give an example of tests of controls and an examples of substantive testing for
- debt transactions
- stockholders equitytransactions
- What are loan covenants and why are they a concern to auditor?
- Management Estimates
- What are the 2 primary reasons estimates are required when recording transactions using GAAP?
- Give an examples in F&I when estimates are used
- What are examples of internal controls over management estimates?
- What are Fair Value Measurements in GAAP?
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