Multiple Choice
A common inventory observation procedure is to record in the working papers for subsequent follow-up the last shipping document number used at year-end.The audit objective being achieved by this procedure is
A) inventory as recorded exists.
B) existing inventory is counted and tagged.
C) information is obtained to make sure sales and inventory purchases are recorded in the proper period.
D) tags are accounted for to make sure none are missing.
Correct Answer:
Verified
Correct Answer:
Verified
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