Auditing an attestation client's inventory accounts can vary widely in complexity and time required because of which of the following factors? (Select all that apply.) O The level of access the client is willing to provide to physical inventory and the inventory accounts. O What type of inventory the client holds, and the quantities the client holds the inventory in. O Whether the client is a manufacturing entity, a merchandising entity, or a service firm. O Whether the audit is for a publicly or privately traded firm, as generally accepted auditing standards onlyrequire inventory audits for publicly-traded firms.
Auditing an attestation client's inventory accounts can vary widely in complexity and time required because of which of the following factors? (Select all that apply.) O The level of access the client is willing to provide to physical inventory and the inventory accounts. O What type of inventory the client holds, and the quantities the client holds the inventory in. O Whether the client is a manufacturing entity, a merchandising entity, or a service firm. O Whether the audit is for a publicly or privately traded firm, as generally accepted auditing standards onlyrequire inventory audits for publicly-traded firms.
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter11: Auditing Inventory, Goods And Services, And Accounts Payable: The Acquisition And Payment Cycle
Section: Chapter Questions
Problem 36RQSC
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Transcribed Image Text:Auditing an attestation client's inventory accounts can vary widely in complexity and time required because of which of the following
factors? (Select all that apply.)
O The level of access the client is willing to provide to physical inventory and theinventory accounts.
What type of inventory the client holds, and the quantities the client holds the inventory in.
O Whether the client is a manufacturing entity, a merchandising entity, or a service firm.
O Whether the audit is for a publicly or privately traded firm, as generally accepted auditing standards onlyrequire inventory
audits for publicly-traded firms.
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