The most likely course of action that an auditor would take after determining that performing substantive tests on inventory will take less time than performing tests of controls is to perform the substantive tests on inventory.
Substantive tests on inventory involve examining evidence directly related to inventory balances, such as evidence of physical counts, documents related to acquisitions, and records related to shipments and sales.
These tests are necessary in order to determine the accuracy of the financial statement assertions related to inventory.
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to protect the competitive economic system by restricting the formation of monopolies, the government has passed and enforced rationing systems. antitrust laws. the imposition of taxes on certain goods. zoning laws.
To protect the competitive economic system by restricting the formation of monopolies, the government has passed and enforced b: antitrust laws.
Antitrust laws are regulations that aim to promote fair competition and prevent the formation of monopolies or cartels that can control the market and limit competition. These laws are designed to ensure that businesses compete fairly and that consumers have access to a variety of goods and services at competitive prices.
The government enforces antitrust laws by investigating and prosecuting violations, such as price-fixing, market allocation, and other anti-competitive practices that harm consumers and stifle competition.
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