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Cartwright Enterprises is being audited by Glowbright External Auditors. The lead partner on the audit engagement has assigned the task of auditing the inventory accounts

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Cartwright Enterprises is being audited by Glowbright External Auditors. The lead partner on the audit engagement has assigned the task of auditing the inventory accounts to a senior manager employed by the audit firm. After conversations with the internal audit staff, the senior manager is concerned about the client's net realizable value of inventory on hand, and has decided to employ an ADA (Audit Data Analytics) procedure to investigate any items of inventory that may be taking unusually long to sell. In this context, the best application of an ADA risk assessment procedure would be (Select all that apply.) to investigate a population of inventory items to ensure that all items are appropriately valued and marked down as may be necessary. to investigate the inventory account in the search for anomalies warranting further investigation, which may require a markdown of particular items to lower of cost or net realizable value. as a substantive procedure conducted and documented by the internal audit function, with the results forwarded to senior management for review. to examine a sample of inventory items that the external auditor suspects may be anomalous, and document any low turnover items as proof that these items must be marked down

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