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Types of audits and when they are most appropriate.

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What different types of audits are there and when are they most appropriate?

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This solution discusses the different types of audits and when they are most appropriate.

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- The audit type most appropriate for the inventory process is a valuation audit. The auditor would use a valuation audit due to the quantity and prices of the inventory. This would ensure that the inventory is being valued at the proper amount, and that the procedures normally in place for a valuation audit have been followed, including cutoff analyses, observational analysis, and ...

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