Santa Monica College Auditing Officer Questions

Question Description

please answer to the questions related to the auditing. I’m gonna attach my professor slides . one small paragraph is enough for each question please make them separate. you can google them but please paraphrase them

1) Describe a walkthrough of a production transaction from receiving production orders to making an entry in the finished goods perpetual inventory records.

2) How might an auditor use a client’s sales forecast for general familiarity with the production cycle?

3) If the actual sales for the year are substantially lower than the sales forecasted at the beginning of the year, what potential valuation problems could arise in the production cycle accounts?

4) The balance sheet of a company lists $100 million of inventory. What assertions is management making regarding inventory?

5) What steps should auditors take if the client has multiple locations being counted?

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