Periodic or cycle counts of selected inventory items are made at various times during the year rather

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Periodic or cycle counts of selected inventory items are made at various times during the year rather than via a single inventory count at year-end. Which of the following is necessary if the auditor plans to observe inven- tory at interim dates?

a. Complete recounts are performed by independent teams.

b. Perpetual inventory records are maintained.

c. Unit cost records are integrated with production-accounting records.

d. Inventory balances are rarely at low levels.

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Auditing And Assurance Services

ISBN: 9780073527086

7th Edition

Authors: William MessierSteven Glover

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Question Posted: May 07, 2024 07:00 AM

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Periodic or cycle counts of selected inventory items are made at various times during the year rather

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Auditing And Assurance Services

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