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Auditing

Lecture 9

Inventory, litigation and claims, external confirmations, opening balances, subsequent events, and sampling methods.

Question 2 of 41

Under ISA 501, what must the auditor do regarding physical inventory counting when inventory is material, unless impracticable?

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

Attend physical inventory counting

B

Only perform test counts remotely

C

Ignore physical inventory counting and rely only on management

D

Only inspect final inventory records