Knowing that the Bovar Company’s audit will include the inventory cycle, you want to plan for the audit by setting the audit objectives
Primary Task Response: Within the Discussion Board area, write 300–400 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
Knowing that the Bovar Company’s audit will include the inventory cycle, you want to plan for the audit by setting the audit objectives. For this assignment, you will write and submit a document of 300–400 words that sets specific audit objectives that will be followed during the audit to meet each of the following management assertions:
Existence
Completeness
Accuracy or Valuation
Rights and Obligations
Presentation and Disclosure
Present these objectives to the members of your team for their feedback by attaching the document to the Discussion Board.
………………….Answer preview…………………….For the sake of seeing the audit of Bovar Company through, it is important to have some specific audit objectives in place for effective planning. Specific audit objectives call for the application of the general objectives. In this case, we will consider specific audit objectives in the balance and transaction assertions……………………….
