【精品】银行从业资格考试《公共基础》真题与...79

Audit of the Inventoryand Warehousing Cycle,Chapter 21,Learning Objective 1,Describe the business functionsand the related documents andrecords in the inventory andwarehousing cycle.,Flow of Inventory and Costs,Actual,Raw Materials,Beginninginventory,Rawmaterialsused,Purchases,Endinginventory,Direct Labor,Actual,Applied,Applied,Manufacturing Overhead,Work-in-Process,Beginninginventory,Endinginventory,Cost ofgoodsmanufactured,Cost ofgoods sold,Finished Goods,Beginninginventory,Endinginventory,Cost ofgoods sold,Learning Objective 2,Explain the five parts of the auditof the inventory and warehousingcycle.,Functions in the Cycle,Processpurchaseorders,Receiverawmaterials,Storerawmaterials,Processthegoods,Storefinishedgoods,Shipfinishedgoods,Receiverawmaterials,Putmaterialsinstorage,Putmaterialsinproduction,Putcompletedgoods instorage,Shipfinishedgoods,FlowofInventory,Audit of Inventory,Acquire and recordraw materials, labor,and overhead,Part of audit,Cycle in which tested,Acquisition andpayment pluspayroll and personnel,Internally transferassets and costs,Inventory andwarehousing,Audit of Inventory,Ship goods and recordrevenue and costs,Cycle in which tested,Part of audit,Sales and collection,Physically observeinventory,Inventory andwarehousing,Price and compileinventory,Inventory andwarehousing,Learning Objective 3,Design and perform audit testsof cost accounting.,Cost Accounting Controls,2.Controls over the related costs,1.Physical controls over raw materials,work in process, and finished goods inventory,Methodology for Designing Controls and Substantive Tests,Understand internal control cost accounting system,Assess planned control risk cost accounting system,Determine extent of testing controls,Audit procedures,Sample size,Items to select,Timing,Design tests of controls andsubstantive tests of transactionsfor the cost accounting systemto meet transaction-relatedaudit objectives,Tests of Cost Accounting,Physical controls over inventory,Documents and records for transferring inventory,Perpetual inventory master files,Unit cost records,Learning Objective 4,Apply analytical procedures tothe accounts in the inventoryand warehousing cycle.,Analytical Procedures: Inventory and Warehousing Cycle,Analytical procedure,Compare gross marginpercentage with that ofprevious years,Overstatement orunderstatement ofinventory and costof goods sold,Possible misstatement,Compare inventory turnover(cost of goods sold divided byaverage inventory) with thatof previous year,Obsolete inventoryOverstatement orunderstatementof inventory,Analytical Procedures: Inventory and Warehousing Cycle,Analytical procedure,Compare unit costs ofinventory with thoseof previous years,Overstatement orunderstatement of unitcosts, which affectinventory and cost ofgoods sold,Possible misstatement,Compare extended inventoryvalue with that of previousyears,Misstatements incompilation, unit costs, orextensions, which affectinventory and cost ofgoods sold,Analytical Procedures: Inventory and Warehousing Cycle,Analytical procedure,Compare current yearmanufacturing costs withthose of previous years(variable costs should beadjusted for changesin volume),Misstatements of unit costsof inventory, especiallydirect labor andmanufacturing overhead,which affect inventory andcost of goods sold,Possible misstatement,Identify clientbusiness risksaffecting inventory,Methodology for Designing Tests of Balances Inventory,Set tolerable misstatementand assess inherentrisk for inventor,Assess controlrisk forseveral cycles,Phase I,Phase I,Phase I,Methodology for Designing Tests of Balances Inventory,Design and performtests of controls andsubstantive testsof transactionsfor several cycles,Phase II,Timing,Items to select,Sample size,Audit procedures,Methodology for Designing Tests of Balances Inventory,Design and performanalytical proceduresfor inventory,Design tests ofdetails of inventoryto satisfy balance-related auditobjectives,Phase III,Phase III,Learning Objective 5,Design and perform physicalobservation audit testsfor inventory.,Controls Over Perpetual Inventory Master Files,Proper instructions for the physical count,Supervision by responsible personnel,Independent internal verification of the counts,Independent reconciliations of the physicalcounts with perpetual inventory master files,Adequate control over count sheets or tags,Audit Decisions,Timing,Sample size,Selection of items,Physical Observation Tests,The most important part of the observation ofinventory is determining whether the physicalcount is being taken in accordance with theclients instructions.,Balance-related Audit Objectives,Existence:Inventory as recorded on tags exist.,Completeness:Existing inventory is counted and tagged.,Accuracy:Inventory is counted accurately.,Classification:Inventory is classified correctly on the tags.,Balance-Related Audit Objectives,Cutoff:Transactions are recorded in the proper period.,Realizable value:Obsolete and unusable inventory items areexcluded or noted.,Rights:The client has rights to inventory recordedon tags.,Learning Objective 6,Design and perform audit testsof pricing and compilationfor inventory.,Audit of Pricing and Compilation,Inventory price tests,Valuation of inventory,Pricing and compilation procedures,Pricing and compilation controls,Balance-Related Objectives: Inventory Pricing and Compilation,Detail tie-in Existence Completeness Accuracy Classification Realizable value Rights,Valuation of Inventory,Pricing purchased inventory,Pricing manufactured inventory,Cost or market,Learning Objective 7,Integrate the various parts ofthe audit of the inventoryand warehousing cycle.,Interrelationship of VariousAudit Tests,Tests of acquisitionand payment cycle,Acquisitions ofraw materials,Raw materials,Other manufacturingcosts,Work in proce