When auditing merchandise inventory at year end, the auditor performs audit procedures to obtain evidence that no goods held on consignment are included in the clients ending inventory balance This audit procedure provides assurance about which management assertion a Completeness b Existence c Valu...

a Incorrect This is not a completeness test This is clearly a test related to rights and obligations as the question that must be answered with eviden ...

When auditing merchandise inventory at year- end, the auditor performs audit procedures to obtain evidence that no

Question:

When auditing merchandise inventory at year- end, the auditor performs audit procedures to obtain evidence that no goods held on consignment are included in the client’s balance. This audit procedure provides assurance about which management assertion?
a. Completeness.
b. Existence.
c. Valuation and allocation.
d. Rights and obligations.
e. Occurrence.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...