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Auditing

Lecture 7 & 8

Audit risk, inherent and control risk, internal controls, substantive procedures, and audit sampling.

Question 43 of 57

If inventory is material, ISA 501 requires the auditor to obtain sufficient appropriate audit evidence regarding inventory existence and condition by:

Pick one: press 1-4 on your keyboard or click an option.
A

Attendance at physical inventory counting and procedures over final inventory records

B

Inquiry alone

C

Only sending external confirmations

D

Only reviewing board minutes