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brettlaw brettlaw
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You are auditing the inventory account and are concerned about the possibility of an inventory overstatement. What is the best audit procedure to detect damaged inventory?

▸ Observe the condition of inventory during the client's physical count.

▸ Compare the condition of inventory from the previous year's count to the current year.

▸ Compare inventory turnover from the previous year's inventory to the current year's inventory.

▸ Reconcile the inventory counts to the cost accounting records.
Textbook 

Auditing and Assurance Services


Edition: 17th
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richardbuggrichardbugg
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Observe the condition of inventory during the client's physical count.

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