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20- Your audit team has been asked to devise audit procedures for the verification of...

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Accounting

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20- Your audit team has been asked to devise audit procedures for the verification of work in progress balances as part of inventories. From the test below, select whether you would include them as valid tests or exclude them as invalid. Support your answer with appropriate reasoning. ( 3 marks) a. Read contracts and note estimated completion date and penalty clauses. (1 mark) b. Visit each construction site to verify stage of completion of the contract. (1 mark) C. Review costing system and allocation of costs to each contract. (1 mark)

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