The questions about an audit subject.

Question

I’m working on an Accounting question and need guidance to help me study.

1.Explain the importance of observing physical inventory during an audit. (1 point)

2.Explain the Concept of Audit Sampling? (2 points)

3.Property, plant, and equipment are often a significant portion of a company’s assets. Describe the inherent risk factors that can affect the audit of this account. (2 points)

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