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Question 156 - IIA-CIA-Part2 discussion

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An organization s inventory is stored m multiple warehouses. During an inventory audit which of the following activities would most benefit from the use of computerized audit tools?

A.
Verifying the existence of inventory items in each warehouse
Answers
A.
Verifying the existence of inventory items in each warehouse
B.
Assigning the tolerable deviation rate to determine the sample size
Answers
B.
Assigning the tolerable deviation rate to determine the sample size
C.
Valuating the obsolete Inventory from all the warehouse locations
Answers
C.
Valuating the obsolete Inventory from all the warehouse locations
D.
Confirming that the purchased items are recorded In the correct period
Answers
D.
Confirming that the purchased items are recorded In the correct period
Suggested answer: C

Explanation:

During an inventory audit, the activity that would most benefit from the use of computerized audit tools (CAATs) is valuating the obsolete inventory from all the warehouse locations. CAATs can efficiently analyze large volumes of inventory data from multiple warehouses, identify patterns and trends, and automate the valuation process, making it more accurate and less time-consuming compared to manual methods.

IIA Standards: 1210.A3 - Proficiency in the Use of CAATs

IIA Practice Guide: Use of Technology in Auditing

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asked 18/09/2024
Jonathan Ang
36 questions
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