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 Which of the following internal control activities most likely addresses the completeness assertion for inventory?a. The work-in-process account is periodically reconciled with subsidiary inventory records.b. Employees responsible for custody of finished goods do not perform the receiving function.c. Receiving reports are prenumbered, and the numbering sequence is checked periodically.d. There is a separation of duties between the payroll department and inventory accounting personnelWhich of the following internal control activities most likely addresses the completeness assertion for inventory? Students who’ve seen this question also like: Related Accounting Q&AFind answers to questions asked by students like you.
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When auditing merchandise inventory at year end perform the purchase cutoff test to obtain evidence that quizlet?Terms in this set (17)
When auditing merchandise inventory at year-end, the auditor performs audit procedures to obtain evidence that no goods held on consignment are included in the client's ending inventory balance.
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Which of the following internal control activities most likely addresses the completeness assertion of inventory?
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