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State Six Specific Balance-Related Audit Objectives for Physical Inventory Observation

question 17

Essay

State six specific balance-related audit objectives for physical inventory observation and,for each objective,describe one common test of details of balances related to that objective.


Definitions:

Normative Social Influence

The impact of others that causes us to change our behavior to gain their approval and acceptance.

Informational Social Influence

The process of changing one’s behavior to align with the group's, based on the belief that the group possesses accurate information.

Social Facilitation

The tendency for people to perform differently when in the presence of others than when alone, often improving on simple tasks.

Deindividuation

A psychological state characterized by diminished self-consciousness, reduced concern for social evaluation, and weakened restraints against prohibited behaviors in groups.

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