Question: Amazon, Inc. buys physical books from publishers and sells those books to bookstores. Amazon stores its book inventory in a warehouse during the time between receiving and shipping the books. Amazon purchases books FOB destination and sells books FOB shipping point.
Briefly describe audit procedures to test the following: A) the completeness assertion for inventory, B) the existence assertion for inventory, C) the occurrence assertion for revenue (sales), and D) the completeness assertion for revenue. E) If Amazon sells books to its customers on account, what audit procedure required by audit standards would provide additional evidence about the occurrence assertion for revenue and the existence assertion for accounts receivable?
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