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Hello concerning ris kand response in respect of inventory if the inventory days has increased or it has been damaged will the answer below be correct
RISK: Inventory may be overatated if not recognised at lower of cost and net realisable valie.
RESPONSE: Inspect draft financial statement to cofirm inventory is measured at lower of cost and net relisable value.
If not discuss with management to do the correct treatmentSee my answer on your next post re response – for marking guidance please see my response to this post https://opentuition.com/topic/audit-procedures-53
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