Which of the following audit procedures probably would provide the most reliable evidence related to the entity’s assertion of rights and obligations for the inventory account?
a. Trace test counts noted during physical count to the summarization of quantities.
b. Inspect agreements for evidence of inventory held on consignment.
c. Select the last few shipping advices used before the physical count and determine whether the shipments were recorded as sales.
d. Inspect the open PO file for significant commitments to consider for disclosure.