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Roles of Auditors and Physical Inventory Observation

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As you mentioned, the physical inventory observation is important in managing the inventory and in avoiding any misappropriation. What characteristics do auditors look for in the review of a client's inventory-taking instructions?

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The auditor looks at several factors. Reasonableness is always the key element. An auditor will look at the inventory procedures compared to the type of inventory and amount, and then determine if the procedures are reasonable. For ...

Solution Summary

This solution discusses the characteristics that auditors look for when reviewing a client's inventory-taking instructions.

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