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Attendance at an inventory count provides us with a good example of the relevance of procedures. During counting the auditor considers the relationship between inventory

Attendance at an inventory count provides us with a good example of the relevance of procedures. During counting the auditor considers the relationship between inventory records and physical inventories. Identifying items of physical inventory and tracing them to inventory records to confirm the of accounting records. (audit assertion) Identifying items on the inventory record and tracing them to physical inventories to confirm the of inventory assets

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