A client maintains perpetual inventory records in both quantities and dollars. If the assessed level of control
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A client maintains perpetual inventory records in both quantities and dollars. If the assessed level of control risk is low, an auditor would probably:
a. Insist that the client perform physical counts of inventory items several times during the year.
b. Observe the client’s inventory count at an interim date.
c. Increase the extent of tests of controls over inventory.
d. Request the client to schedule the physical inventory count at the end of the year.
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Related Book For
Auditing A Practical Approach with Data Analytics
ISBN: 978-1119401742
1st edition
Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton
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