Kaplan University Inventory Audit & Perpetual Inventory System Questions You will analyze a company’s current inventory setup and determine the course of a

Kaplan University Inventory Audit & Perpetual Inventory System Questions You will analyze a company’s current
inventory setup and determine the course of action to take to audit the
client’s inventory. In order to successfully audit inventory, a thorough
plan must be devised to ensure all facets are accounted for.The Crafty Craft Corner has been asked
by its bank to perform an audit, which it has never done before. Part
of this audit is to perform a year-end physical inventory. The store
uses a periodic inventory system, as management does not feel it’s
necessary to track every bead and button sold.As the auditor hired to perform the
inventory audit, what are your recommendations to the store management
to prepare for the audit?Would you suggest they implement a
perpetual inventory system? What documentation would you request the
managers create regarding their inventory?What other steps would you recommend to ensure a smooth process?