May 31, 2016

Homework Help: Auditing

Posted by Pam on Friday, October 10, 2008 at 7:48pm.

Describe how the separation of (1) authorization of production transactions, (2) recording of these transactions and (3) physical custody of inventories can be specified amoung the production, inventory and cost accounting departments. How does the production order document provide a contol over the quantity of materials used in production? From what population of documents would an auditor sample to determine (1) whether all are authorized? (2) prodution was completed and placed in inventory or written off as scrap? and (3) finished goods inventory was actually produced and properly costed? hide problem

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