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Explain the auditing procedure called cycle counting. [10 marks] The auditor must ensure the following five control objectives are adhered to by the client in
Explain the auditing procedure called cycle counting. [10 marks]
The auditor must ensure the following five control objectives are adhered to by the client in the acquisition and payment cycle.
1. Authorisation - explain - give examples
2. Necessity - explain - give examples
3. Recognition - explain - give examples
4. Recording - explain - give examples
5. Accuracy - explain - give examples
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