Periodic or cycle counts of selected inventory items are made at various times during the year rather than via a single inventory count at year-end. Which of the following is necessary if the auditor plans to observe inventory at interim dates?

Ibrahimhamm

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2022-06-30

Complete recounts are performed by independent teams.
Perpetual inventory records are maintained.
Unit cost records are integrated with production-accounting records.
Inventory balances are rarely at low levels.

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Ibrahimhamm

2022-06-30

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B. Perpetual inventory records are maintained.

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Periodic or cycle counts of selected inventory items are made at various times during the year rather than via a single inventory count at year-end. Which of the following is necessary if the auditor plans to observe inventory at interim dates?

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