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A client is an importer with inexperienced clerical staff. Inherent risk is high for the...

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Accounting

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A client is an importer with inexperienced clerical staff. Inherent risk is high for the accuracy assertion of recorded purchases as they involve foreign currency translation and exchange rates fluctuate. Control risk is high as clerical staff are inexperienced and not accustomed to recording complex foreign currency transactions. How can the auditor reduce the Audit risk A client has physical controls over inventory, including a locked warehouse with access restricted to authorized personnel. Testing of these physical controls over inventory shows that they are very effective. State the Audit strategy that should be employed over Inventory. And Explain what it means

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