Which of the following statements is correct regarding the auditor's responsibility with respect to the year-end inventory procedures of an audit client?
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The auditor is responsible for setting up the procedures for taking an accurate physical inventory. | The auditor is responsible for taking and compiling the inventory. | The auditor is responsible for observing the physical counting of inventory. |
Yes | No | No |
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The auditor is responsible for setting up the procedures for taking an accurate physical inventory. | The auditor is responsible for taking and compiling the inventory. | The auditor is responsible for observing the physical counting of inventory. |
No | No | Yes |
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The auditor is responsible for setting up the procedures for taking an accurate physical inventory. | The auditor is responsible for taking and compiling the inventory. | The auditor is responsible for observing the physical counting of inventory. |
Yes | No | Yes |
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The auditor is responsible for setting up the procedures for taking an accurate physical inventory. | The auditor is responsible for taking and compiling the inventory. | The auditor is responsible for observing the physical counting of inventory. |
No | Yes | No |