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Week 4 – Discussion 1 Prior to beginning work on this discussion forum, read Cha

Week 4 – Discussion 1
Prior to beginning work on this discussion forum, read
Chapters 12 and 13 in the course textbook.
Observation of a client’s inventory is a mandatory audit
procedure. Address the following in your discussion post:
·        
What part should the
auditors play in planning the physical inventory?
·        
Describe the procedures
performed by the auditors during their observation of a client’s physical
inventory.
·        
Why do the auditors
document their inventory test counts in their working papers?
·        
Why are the auditors
concerned with detecting damaged and obsolete goods?
·        
How do the auditors test
for damaged goods in the client’s inventory?
·        
How do the auditors test
for obsolete goods in the client’s inventory?
Write: Make sure your response addressing the
following questions is more than 200 words and that you include an in-text
citation or a brief quote from the reading material where appropriate. You may
find the Writing Center’s APA: Citing Within Your
PaperLinks to an external site. resource helpful in citing your
sources.
Week 4 – Discussion 2
Prior to beginning work on this discussion forum, read
Chapters 12 and 13 in the course textbook.
Plant and equipment are not as inherently risky as are
other assets, such as inventories and accounts receivable. However, a company
should still endeavor to maintain effective internal control over plant and
equipment.
Address the following in your discussion post:
·        
Describe the principal
purpose of internal controls relating to plant and equipment.
·        
List and describe four
major controls applicable to plant and equipment.
·        
Describe two ways that
the auditors obtain evidence that there are no significant amounts of
unrecorded retirements of property (land).
·        
Describe three ways that
the auditors obtain evidence that there are no significant amounts of
unrecorded retirements of equipment.
Write: Make sure your response addressing the
following questions is more than 200 words and that you include an in-text
citation or a brief quote from the reading material where appropriate. You may
find the Writing Center’s APA: Citing Within Your
PaperLinks to an external site. resource helpful in citing your
sources.

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