1. The problem asks whether cycle counting is an inventory accuracy audit technique that takes place once a year. 2. Cycle counting is a method used in inventory management to continuously audit and verify inventory accuracy. 3. Unlike a full physical inventory which is typically done once a year, cycle counting involves counting a subset of inventory on a regular basis throughout the year. 4. This means cycle counting is performed more frequently than once a year, often daily, weekly, or monthly, depending on the organization's policies. 5. Therefore, the statement "Cycle counting is an inventory accuracy audit technique that takes place once a year" is False.