Posted: May 17th, 2017

When inventories are material and the auditor does not observe the inventory at or near the year-end, professional standards require the auditor to:

When inventories are material and the auditor does not observe the inventory at or near the year-end, professional standards require the auditor to:
disclaim an opinion on the financial statements.
observe some physical counts of the inventory.
thoroughly test the accounting records.
resign from the engagement.

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