ACC492 Week 3 Current Article Summary.docx ACC/492 Week 3 - Current Issue Summa

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ACC492 Week 3 Current Article Summary.docx ACC/492 Week 3 - Current Issue Summary Acc/492 Week 3 €“ Current Issue Summary The word audit can be scary to a business owner, whether the... audit is for internal purposes or at an external auditor's request. It is essential to understand an inventory audit's nuances ahead of time to prepare you for what is to come. The audit cycle for inventory is divided into five activities: (i) acquire and record raw materials, labor, and overhead. (ii) internally transfer assets and costs, (iii) ship goods and record revenue and expenses, (iv) physically observe inventory, and (v) price and compile an inventory. An inventory audit is when you or an auditor uses analytical procedures to check the company's inventory methods and confirm the financial records and actual count of goods match. The inventory audit's importance is to maintain accuracy, ensure you have the right amount of stock on han. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [Show More]

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