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How can the audit manager ensure that no inventory moves during the inventory count?how would any customer buy on the inventory count day,would he be refused?
Thanks in advance
Places like retail businesses would probably count inventory after close of business on the last day of the accounting period. This will inevitably involve overtime working but that could be kept to a minimum where there was a system whereby slower moving inventory was counted in, say, the previous week, and a manual record kept of movements made since the count.
For manufacturing businesses, “no movement during the count” is an easy principle to follow. We just don’t deliver to our customers on inventory count day!
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