1. Differentiate cut-off testing and subsequent payments testing.
2. You are auditing the inventory account – a significant account of the client’s balance sheet. The client has many warehouses in remote areas that you will not be able to observe their year-end stocktake. Further, the corroborating evidence shows the inventory turnover has slowed down significantly since last year.
i. Identity and explain assertions at risk.
ii. For each assertion, suggest substantive tests of details that should be performed.
iii. Why is observing a stocktake important for auditing inventory?
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