Audit procedures verifying the costs used to value inventories are called compilation tests.

Name: Audit procedures verifying the costs used to value inventories are called compilation tests.
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Audit procedures verifying the costs used to value inventories are called cost audit tests, not compilation tests. Compilation tests refer to procedures performed to verify that financial statements are accurate and complete by compiling data and details from supporting documents.

Audit Procedures Verifying the Costs Used to Value Inventories Are