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Which of the following statements is true in respect of the auditors' reliance on perpetual inventory records? A. Where auditors rely on perpetual inventory records, they must check to ensure that inventory is actually counted during the year. B. Auditors can only rely on perpetual inventory records if they are computerised, and are updated on a daily basis and are reviewed at least quarterly by management. C. Auditors may use the perpetual inventory records in their audit of inventory but it is necessary to perform a year-end count for the purposes of the financial statements. D. Auditors may use the perpetual inventory records in their audit of inventory but it is only necessary for them to attend a year-end count if the company chooses to conduct such a count. E. Auditors can rely on perpetual inventory records provided that all inventory is counted at least once a year, that the records are kept up to date, and that discrepancies are investigated and followed up. |