You have been the auditor of Cosmos Company Ltd., a largewholesaling and retailing company with thou

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You have been the auditor of Cosmos Company Ltd., a largewholesaling and retailing company with thousands of different itemsin inventory. In order to improve its control procedures Cosmos hasjust computerized its inventory control. All inventory records are maintained on disk. The system has 12remote terminals located in different parts of the company’spremises. Employees use these terminals to access information aboutthe current status of any inventory item. Updating of the inventoryrecords is also carried out via these remote terminals as stockmovements occur. 1.
What effect will the newcomputer system have on your approach to the audit ofinventories?
2. Outline the steps that youshould take before developing new audit procedures for thecomputerized inventory control system. . . .

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