L16 notes_Part_7 - inventory turnover was performed during...

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© W.R. Knechel P3: Controls over Accounts Payable For each of the above: 1. State which management assertions are in question. 2. Discuss whether you believe that an ineffective control represents a significant deficiency or material weakness. 3. Discuss the ramifications of the items for an assessment of control risk for this function. 4. When applicable, suggest a more effective control.
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© W.R. Knechel P11: Inventory Turnover 11. Consider Figure 12–14, where a substantive analysis of
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Unformatted text preview: inventory turnover was performed during the audit of Jones Manufacturing Company to determine whether inventory should be written down due to obsolescence. a. Is the total proposed adjustment, $45,487, material? What factors go into your judgment? b. What factors may need further consideration before the auditor argues for a write-down on item no. J665? c. What arguments could Jones Manufacturing's management advance to defend against an obsolescence write-down?...
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L16 notes_Part_7 - inventory turnover was performed during...

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