Auditing Inventories; Cost of Goods Sold; And Property, Plant, and Equipment

This document covers auditing procedures for key assets.

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Running head: AUDITING INVENTORIES; COST OF GOODS SOLD; AND 1
Auditing Inventories; Cost of Goods Sold; And Property, Plant, and
Equipment
Name:
AC410
Unit 6
Date:
In your audit of Nolan Manufacturing Company, Happy Chicken, Inc., and internal control
procedures for plant and equipment, you have identified several weaknesses and potential risks.
Based on your analysis, explain how auditors can enhance the internal control over inventory and
property, plant, and equipment, and how they can mitigate the risks of financial misstatements.
Discuss your approach to auditing impairments, fair value estimates, and weaknesses in internal
control, including any necessary substantive procedures. Additionally, consider the role of
valuation specialists and the importance of effective reconciliation in plant and equipment
controls.
Word Count Requirement: 1000-1200 words
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Subject
Auditing

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