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Papers for Us primarily uses custom-printed wrapping papers for its creations. Some of the wrap designs are seasonal; all are based on artwork the owner

Papers for Us primarily uses custom-printed wrapping papers for its creations. Some of the wrap designs are seasonal; all are based on artwork the owner commissioned from local artists. The limited printing runs of Papers for Us papers creates valuation challenges for their inventory of papers, including the identification of obsolete inventory.

Clearly identify at least two challenges you will face as you address the valuation audit assertion for inventory as part of this audit.

For each challenge, what evidence can you collect that is relevant to the valuation assertion? Are there mitigating factors that might reduce the importance of these challenges?

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