Physical inventory procedures Discuss the procedures that the audit team will most likely perform upon arrival at each site right before physical inventory is taken
? Obtain a map of the area and a schedule of inventory counts to be made for each area.
? Obtain a list of sequential tag numbers to be used.
? Observe the procedures the client has implemented to shut down receipt or shipment of goods.
? Observe that the client has shut down production.
? Obtain document numbers for the last shipment and receipt of goods before inventory is taken.
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What will be an ideal response?
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