Assume you are an internal auditor and you are assigned an assurance engagement relating to your firm's
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Question:
Assume you are an internal auditor and you are assigned an assurance engagement relating to your firm's inventory process.
- What are some key controls and potential risks that you would investigate / test?
- Give an example of both a "material" observation and also a "significant" observation you might find in your audit task
- With regard to your examples in part 2, explain the criteria you used to determine what constitutes a material observation versus a significant one
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