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1)Sir in substantive procedure for existence of inventory, is it valid procedure that physically visit warehouse and see whether inventory exist or not
2)In substantive procedure for completeness of inventory is it valid procedure that compare invoices with GRN’s to verify completeness
3)In substantive procedure for rights and obligations of inventory is it valid procedure that ask for a sample of invoices to verify inventory belongs to company
1 Yes.
2 No. That will ell you nothing about inventory that has been missed off eg could be round the back of the factory and it wasn’t counted.
3 Yes.
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