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16-30 (Computer-assisted substantive tests for inventory) Brown,

Customer Question
CPA, is auditing the financial statements...
16-30 (Computer-assisted substantive tests for inventory) Brown, CPA, is auditing the financial
statements of Big Z Wholesaling, Inc., a continuing audit client, for the year ended January
31, 20X2. On January 5, 20X2, Brown observed the tagging and counting of Big Z’s physical
inventory and made appropriate test counts. These test counts have been recorded on a
computer file. As in prior years, Big Z gave Brown two computer files. One file represents
the perpetual inventory (FIFO) records for the year ended January 31, 20X2. The other file
represents the January 5 physical inventory count. Assume:
¦ Brown issued an unqualified opinion on the prior year’s financial statements.
¦ All inventory is purchased for resale and located in a single warehouse.
¦ Brown has appropriate computerized audit software.
¦ The perpetual inventory file contains the following information in item number
sequence:
¦ Beginning balances at February 1, 20X1: Item number, item description, total quantity,
and prices.
¦ For each item purchased during the year: Date received, receiving report number,
vendor, item number, item description, quantity, and total dollar amount.
¦ For each item sold during the year: Date shipped, invoice number, item number, item
description, quantity shipped, and dollar amount of the cost removed from inventory.
¦ For each item adjusted for physical inventory count differences: date, item number,
item description, quantity, and dollar amount.
¦ The physical inventory file contains the following information in item number
sequence: tag number, item number, item description, and count quantity.
Required
Describe the substantive auditing procedures Brown may consider performing with computerized
audit software using Big Z’s two computer files and Brown’s computer file of test
counts. The substantive auditing procedures described may indicate the reports to be
printed out for Brown’s followup by subsequent application of manual procedures. Do not
describe subsequent manual auditing procedures.
Group the procedures by those using (a) the perpetual inventory file (10 answers) and (b) the physical inventory and test count files. (7 answers)

I just want to verify my findings,

Thank you
Submitted: 8 years ago.Category: Business and Finance Homework
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7/9/2010
Business Tutor: Neo, Bachelor's Degree replied 8 years ago
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Category: Business and Finance Homework
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