In the Audit of Inventory, the Entity Is Responsible for Actually

question 1

True/False

In the audit of inventory, the entity is responsible for actually making and recording the count of physical inventory; the auditor's responsibility is to evaluate and observe the entity's procedures and draw conclusions about the adequacy of the physical inventory.

---

Definitions:

Sociologist

An expert or scholar in sociology, which is the study of society, patterns of social relationships, social interaction, and culture.

Economist

A professional or scholar who studies, teaches, or practices economics, focusing on the distribution, production, and consumption of goods and services.

Philosopher

An individual who practices philosophy, which involves rational inquiry into areas such as existence, ethics, logic, and knowledge.

Special Abilities

Unique skills or talents possessed by individuals, which can range from intellectual or creative capacities to physical prowess or sensory acuities.