Question 1
The extent and timing of an auditor's physical examination of inventory is significantly influenced by the adequacy of the client's perpetual inventory records.
◦ true
◦ false
Question 2
When verifying the transfer of inventory from one location to another, the audit objectives with which the auditor is primarily concerned are
occurrence of recorded transfers,
completeness of recorded transfers, and
accuracy of recorded transfers.
◦ true
◦ false