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Your client is a local independent grocer with five stores which competes with a number of...

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Accounting

Your client is a local independent grocer with five stores whichcompetes with a number of large grocery chains. It purchases goodsfrom several large grocery supply chains as well as from variousvendors that sell directly to the store. Some vendors offer variousadvertising rebates or other price concessions for stockinggoods.

Explain how your knowledge of the business and industry wouldimpact your audit of total purchases and accounts payable for theclient.

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Knowledge of the business and industry is of absolute significance for conducting the audit for the total amount of purchases and accounts payable Knowledge of industry helps an auditor to    See Answer
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