A common inventory observation procedure is to identify a random sample of inventory items, recount the tag details, and trace the supporting evidence to the Inventory Master File. The audit objective being achieved by this procedure is:

Question $30$ options:

existing inventory is counted and tagged $($completeness$).$

inventory as recorded on tags actually exists $($existence$).$

inventory is was acquired by the client $($occurrence$).$

inventory is classified correctly $($classification$).$