Reference no: EM132753015

Problem 1: Which of the following would reduce detection risk in the audit of inventory?

(i) Selecting smaller sample sizes to perform test counts at the inventory count
(ii) Inspecting sales invoices immediately after the reporting date
(iii) Confirming high value items to the inventory valuation report

Option 1: (i) and (ii) only

Option 2: (i) and (iii) only

Option 3: (ii) and (iii) only

Option 4: (i), (ii) and (iii)