A Client Maintains Perpetual Inventory Records in Both Quantities and Dollars.If

question 10

Multiple Choice

A client maintains perpetual inventory records in both quantities and dollars.If the assessed level of control risk is high, an auditor would probably

• A)Insist that the client perform physical counts of inventory items several times during the year.
• B)Apply gross profit tests to ascertain the reasonableness of the physical counts.
• C)Increase the extent of tests of controls of the inventory cycle.
• D)Ask the client to schedule the physical inventory count at the end of the year.

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