Which of the following is the best audit procedure for the discovery of damaged merchandise...
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Accounting
Which of the following is the best audit procedure for the discovery of damaged merchandise in a clients ending inventory? Multiple Choice Observe merchandise and raw materials during the clients physical inventory taking. Review the managements inventory representations letter for accuracy. Test overall fairness of inventory values by comparing the companys turnover ratio with the industry average. Compare the physical quantities of slowmoving items with corresponding quantities in the prior year.
Which of the following is the best audit procedure for the discovery of damaged merchandise in a clients ending inventory?
Multiple Choice
Observe merchandise and raw materials during the clients physical inventory taking.
Review the managements inventory representations letter for accuracy.
Test overall fairness of inventory values by comparing the companys turnover ratio with the industry average.
Compare the physical quantities of slowmoving items with corresponding quantities in the prior year.
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