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What are some possible explanations of a change in inventory

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Problem 1: What are some possible explanations of a change in the inventories turnover ratio? How could the auditor investigate which of these explanations is the most likely cause of the change in the ratio?

Problem 2: Consider the following statement: 'If inherent and control risk are high, the auditor will set detection risk as low to maintain a low audit risk'. Explain what it means to set detection risk as low. What does this mean for the operation of the audit?

Reference no: EM132779956

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