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Construction Supplies Company (CSC) has been an audit client of your firm for several years. CSC has a March 31 fiscal year end. The company is a successful distributor of construction products. The company sells to businesses only (not to end-consumers), with clients ranging from small contractors to large developments. The company has a perpetual inventory system but the current inventory system relies upon accurate data entry of receipts, shipments, and inventory adjustments from paper documents.
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Question A) For each phase of the financial statement audit process, describe the phase, and explain how the audit process will be altered by the implementation of the new inventory management system. Complete table below.
Question B) What is the impact of the implementation of RFID on the financial statement audit process? Note that these points must be different from those raised in requirement A
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