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What are different ways to understand internal control over Inventories?

One of the steps is to gain an understanding of internal control for inventories. Internal control is a method to prevent misstatement of the inventory. This is important to determine for an auditor to decide how much evidence they must obtain regarding inventory. As an auditor, they must evaluate the internal control to understand the amount of risk that contributes to their audit risk. For this question, explain the different options on how an auditor should approach gaining an understanding on internal control. Also note how each option will change the audit.

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Amy Nguyen

Lvl 2
3y ago
Updated: 10/27/2021

SAME HERE

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Lokesh Yadav

Lvl 3
3y ago

What else can I help you with?

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