- The tests of controls for inventory records would include the following procedures. A. Existence. B. Rights and obligations. C. Completeness. D. Accuracy and valuations. E. Presentation and disclosure. For each of the procedures, choose the letter of the correct ASB balance assertion(s). Only one letter per procedure should be used. 1. Test counted inventory and traced the count to the perpetual inventory record. 2. Selected a sample of inventory items from the perpetual records and vouch additions to receiving reports. 3. Reviewed a sample of vendor invoices for prices paid for inventory. 4. Review inventory footnote for the financial statements. 5. Reviewed vendor invoices and purchase orders for terms of the