$1.$Inventory items $$consigned in$$ should be included in the client$$s inventory totals$\mathrm{.}2.$With strong internal control an inventory count may be performed prior to year$-$end$\mathrm{.}3.$Generally accepted auditing standards require that the auditor be present at each location the client maintains inventory$\mathrm{.}4.$Auditors must count all inventory items during the inventory count$\mathrm{.}5.$The inventory of a manufacturing client will include direct labor, direct materials, and overhead components$\mathrm{.}6.$Inventory is ordinarily valued at the lower of cost or market$\mathrm{.}7.$Ordinarily, the auditors will leave a copy of all their counts with the client so the client can correct misstatements$\mathrm{.}8.$Auditor counts of all inventory items ordinarily should be taken$\mathrm{.}9.$Auditors$$ observation of a client$$s counting of inventories ordinarily addresses the existence of inventory more than its completeness$\mathrm{.}10.$The client need not count every item.