In the audit of inventory, the auditor and client are jointly responsible for making and recording the count of physical inventory, while the auditor is responsible for drawing conclusions about the adequacy of the physical inventory.

Question

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The client is responsible for making and recording the count of physical inventory, while the auditor is responsible for observing the count to gather evidence regarding the existence and condition of the inventory and drawing conclusions about the adequacy of the inventory count procedures and the inventory itself.

In the Audit of Inventory, the Auditor and Client Are