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An inventory audit is an accounting procedure designed to keep track of a company's products and merchandise. Inventory is a current supply count of company owned products. Numbers produced during inventory counts are closely evaluated by the auditor during the audit phase.
c The audit tests to verify that the client is using an inventory method which is generally accepted and to verify that physical counts were correctly summarized are performed during the audit of the: a. acquisition and payments cycle. b. payroll and personnel cycle. c. inventory and warehousing cycle.