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Unformatted text preview: companys electrical engineering department had been treated as period expenses in the previous years but were included in manufacturing overhead in the current year. 4. The company installed a new perpetual inventory system during the year. You noted that several of the companys recorded year-end quantities differed from the actual physical inventory counts. In part because of these problems, the company took a complete physical inventory at year end. Required: For each of your findings indicate the key assertion, the particular risk and what type of additional audit procedures you would use to obtain sufficient and appropriate evidence. Complete the chart on the following page. ADMS 4551 Session 10 - Inventory Finding Assertion Risk Procedures 1 2 3 4 ADMS 4551 Session 10 - Inventory...
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- Spring '11