inventory
Audit, Taxation & Corporate Compliance Practicum
Statutory & Stock Audit Field Simulation
Vouching, verification and revenue-leakage detection during physical inventory and bank branch audits.
10 questions20 minAnswers revealed at the end
inventory
timer20:00
No answers until the end, just commit to your best pick and keep moving.
Question 1 of 10
During a physical stock verification at a client warehouse, you find 200 units of finished goods lying in a corner marked 'Rejected - QC'. The store ledger still shows them as sellable inventory at full cost. What is the most appropriate audit action?
Flag them for valuation at net realisable value and check for provision for obsolescence
Include them at full cost as they are yet to be formally scrapped
Delete them entirely from the count sheet
Ignore them since they are physically present and counted
Answers and explanations unlock on the results screen.