1. which of the following is the assertion with the highest inherent risk in auditing inventory?
a. completeness
b. rights
c. existence
d. properly classification on the balance sheet

2. which of the following steps would not normally be included in a program for a physical inventory observation?
a. vouch unit prices to vendors invoices or other cost records
b. obtain the client's inventory counting instructions and review them for completeness
c. inspect the tags used and unused and record the tag numbers used
d. obtain the numbers of the last 5 receiving reports and last 5 shipping documents

Answer rating: 100% (QA)

1c Existence Reason Even though entity has recorded the ... View the full answer