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Q3. Explain the importance of observing physical inventory during an audit.

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Accounting

Q3. Explain the importance of observing physical inventoryduring an audit.

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Inventory is a current asset of the business held for sale as part of its normal course of business For example in a furniture store furniture is the inventory One of the primary objective behind verifying inventory during audit is to confirm the assertions made by management regarding its ownership existence valuation accuracy    See Answer
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