If ending inventory is overstated Beginning inventory will be correctly valued O Cost of goods sold will be overstated Cost of goods sold will be understated The value of purchases will be understated Many elements of valuing inventory Should be ignored by the auditor due to complicated valuation issues Involve professional judgment and accounting estimates O Should be handled by the internal auditors Involve professional judgment and strict accounting rules Which of the following would the auditor not perform during the audit of cash? Tracing a sample of all checks dated in the prior year on the bank cutoff statement to the outstanding checks listed on the bank reconciliation Confirm the cash balances directly with the client Obtain the bank reconciliation from the client and test the mathematical accuracy Vouch a sample of deposits in transit on the bank reconciliation to deposits on the bank cutoff statement