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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.
6. easy. b The audit procedure âobserve the client taking a physical inventory count and test the countâ is sufficient to determine all of the following except: a. whether recorded inventory actually exists. b. whether recorded inventory was properly valued by the client.