Generally accepted auditing standards require the auditor to observe the taking of the physical inventory at year-end.

Name: Generally accepted auditing standards require the auditor to observe the taking of the physical inventory at year-end.
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Question

Quizplus · Accepted Answer

This is true. According to generally accepted auditing standards, the auditor is required to observe the taking of the physical inventory at year-end in order to provide reliable evidence of the existence and condition of the client's inventory.

Generally Accepted Auditing Standards Require the Auditor to Observe the Taking