Periodic or cycle counts of selected inventory items are made at various times during the year rather
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Periodic or cycle counts of selected inventory items are made at various times during the year rather than via a single inventory count at year-end. Which of the following is necessary if the auditor plans to observe inven- tory at interim dates?
a. Complete recounts are performed by independent teams.
b. Perpetual inventory records are maintained.
c. Unit cost records are integrated with production-accounting records.
d. Inventory balances are rarely at low levels. P-963
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Auditing And Assurance Services A Systematic Approach
ISBN: 9780073337203
5th Edition
Authors: William Messier, Steven Glover, Douglas Prawitt
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