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Unformatted text preview: inventory count and determine that items are on hand. 5. Review loan agreements and minutes of board of directors meetings. Specific Audit Objective Audit Procedure a. Ensure that the entity has legal title to inventory b. Ensure that recorded inventory quantities include all products on hand. c. Verify that inventory has been reduced, when appropriate, to replacement cost or net realizable value. d. Verify that the cost of inventory has been properly determined e. Verify that the major categories of inventory and their bases of valuation are adequately reported in the financial statements...
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This note was uploaded on 09/29/2011 for the course ADMS 4551 taught by Professor Iacobelli during the Spring '11 term at York University.
- Spring '11