The purpose of all auditing procedures is to gather sufficient competent evidence to form an opinion regarding the financial statements taken as a whole.

Required:

a. In addition to the example below, identify and describe five techniques of gathering audit evidence to evaluate a client's inventory balance.

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Technique Description Observation An auditor watches the performance of some function, such as a client's annual inventory count. b. Identify the five general assertions regarding a client's inventory balance and describe one different substantive auditing procedure for each assertion. Use the format illustrated below. Assertion Substantive Auditing Procedure