Question: Indicate the general objective ( or objectives ) of each of the following audit procedures: Observe the client s physical inventory. Locate on the client
Indicate the general objective or objectives of each of the following audit procedures:
Observe the clients physical inventory.
Locate on the clients premises a sample of the equipment items listed in the subsidiary plant and equipment ledger.
Obtain a listing of inventory and reconcile the total to the general ledger.
Trace a sample of shipping documents to recorded sales transactions.
Identify related parties.
Vouch selected purchases of securities to brokers advices.
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