perpetual inventory count

Short answer is “no” to both your questions.
This is assumed knowledge of MA/F2.

It is inventory records that are described as perpetual when they show every movement in/out and balance.

Perpetual records facilitate “continuous stock-checking” i.e. counting items at any time.

For a continuous stock-checking system to be an effective control, all items must be counted at least once a year – all counts must be documented – and the follow-up of all discrepancies documented and resolved.

If the auditor’s testing of the effectiveness of stock-checking is satisfactory, there will be no need for a full physical count at the year end as quantities can be taken to be the balances on the inventory records. If the control is lax and not effective, a full physical count would be required to ascertain year-end quantities.

You are very welcome!