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24. What is the purpose of the auditors observation of the taking of the physical...

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Accounting

24. What is the purpose of the auditors observation of the taking of the physical inventory?

25. What is the purpose of the auditors making and recording test counts of inventory quantities during their observation of the taking of the physical inventory? Explain.

26. List at least three audit procedures that auditors would employ to detect slow moving or obsolete inventory.

27. What part, if any, do the auditors play in the clients planning for the physical inventory?

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