Question: 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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