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Home Q & A Board Other Fields Homework Help Business Accounting
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Hareplity Hareplity
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A year ago
When there are no perpetual inventory files and inventory is material,

▸ an audit cannot be performed, so the auditor must issue a disclaimer.

▸ a physical inventory should be taken by the client near the end of the accounting period.

▸ the auditor will have to perform the inventory count and determine valuation.

▸ the auditor need not observe inventory counts but must do test counts.
Textbook 
Auditing and Assurance Services

Auditing and Assurance Services


Edition: 17th
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karisantikarisanti
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A year ago
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