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Auditing Inventories; Cost of Goods Sold; And Property, Plant, and Equipment

This document covers auditing procedures for key assets.

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Running head: AUDITING INVENTORIES; COST OF GOODS SOLD; AND1Auditing Inventories; Cost of Goods Sold; And Property, Plant, andEquipmentName:AC410Unit 6Date:In your audit of Nolan Manufacturing Company, Happy Chicken, Inc., and internal controlprocedures for plant and equipment, you have identified several weaknesses and potential risks.Based on your analysis, explain how auditors can enhance the internal control over inventory andproperty, plant, and equipment, and how they can mitigate the risks of financial misstatements.Discuss your approach to auditing impairments, fair value estimates, and weaknesses in internalcontrol, including any necessary substantive procedures. Additionally, consider the role ofvaluation specialists and the importance of effective reconciliation in plant and equipmentcontrols.Word Count Requirement:1000-1200 words

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Auditing

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