Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a client is an importer with inexperienced clerica

A client is an importer with inexperienced clerical...

60.1K

Verified Solution

Question

Accounting

image
image
A client is an importer with inexperienced clerical staff. Inherent risk is high for the accuracy assertion of recorded purchases as they involve foreign currency translation and exchange rates fluctuate. Control risk is high as clerical staff are inexperienced and not accustomed to recording complex foreign currency transactions. How can the auditor reduce the Audit risk A client has physical controls over inventory, including a locked warehouse with access restricted to authorized personnel. Testing of these physical controls over inventory shows that they are very effective. State the Audit strategy that should be employed over Inventory. And Explain what it means

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

11. Equity as an option Scott Corp. is a manufacturing firm. Scott Corp.’s current value of operations,...

Psychology
1.2K views

Discuss the comparative advantages and disadvantages of using focus groups versus in-depth interviews.

Psychology
1.2K views

History : 1) The Roman Peace represented the pinnacle of ancient empires. How dependent was the Empire...

Basic Math
1.2K views

The Fox TV network is considering replacing one of its prime-time crime investigation shows with a...

General Management
1.2K views

APPLE: THE BEST SUPPLY CHAINS IN THE WORLD? For eight straight years, Apple has been recognized...

Biology
1.2K views

Q6.8. In SIR models, what two things drive the transmission rate, ??The frequency of contact...

Biology
1.2K views

Write 3 paragraphs answering the following questions What is the Jim Crow What is the...

Statistics
1.2K views

You randomly select 500 students and observe that 135 of them smoke What is your...

Calculus
1.2K views

24 4x 20x 5 x 5

Accounting
1.2K views

Youll be analyzing the attached capital budgeting scenario You've been tasked with using the tools...

Accounting
1.2K views

Please show steps on how to complete problem 1 A partiality...

Accounting
1.2K views

The following data are for Point Corporation: Actual Static Budget Units Sales Variable costs Contribution...