{"id":89893,"date":"2022-08-22T15:47:11","date_gmt":"2022-08-22T15:47:11","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/external-audit-verification-of-inventories\/"},"modified":"2022-08-22T15:47:11","modified_gmt":"2022-08-22T15:47:11","slug":"external-audit-verification-of-inventories","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/external-audit-verification-of-inventories\/","title":{"rendered":"External audit &#8211; verification of inventories"},"content":{"rendered":"<div>\n<p>\u00a0Many companies employ outside service companies that specialize in counting, pricing, extending, and footing inventories. These service companies usually furnish a certificate attesting to the value of the physical inventory.<\/p>\n<p>Required:<\/p>\n<p>Assuming that the service company took the client company\u2019s inventory on the balance sheet date:<\/p>\n<p>a. How much reliance, if any, can the auditors place on the inventory certificate of outside specialists?<\/p>\n<p>b. What effect, if any, would the inventory certificate of outside specialists have upon the type of report the auditors would render? Discuss.<\/p>\n<p>c. What reference, if any, would the auditors make to the certificate of outside specialists in their audit report?<\/p>\n<p>(AICPA, adapted)<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0Many companies employ outside service companies that specialize in counting, pricing, extending, and footing inventories. These service companies usually furnish a certificate attesting to the value of the physical inventory. Required: Assuming that the service company took the client company\u2019s inventory on the balance sheet date: a. How much reliance, if any, can the auditors [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-89893","post","type-post","status-publish","format-standard","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/89893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=89893"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/89893\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=89893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=89893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=89893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}