When auditing inventories,an auditor would least likely verify that
A)All inventory owned by the client is on hand at the time of the count.
B)The client has used proper inventory pricing.
C)The financial statement presentation of inventories is appropriate.
D)Damaged goods and obsolete items have been properly accounted for.

Question

Quizplus · Accepted Answer

An auditor would least likely verify that all inventory owned by the client is on hand at the time of the count because it is not always feasible to have all inventory physically present due to logistics, timing, or location constraints. Instead, auditors focus on verifying the existence, completeness, and valuation of inventory.

When Auditing Inventories,an Auditor Would Least Likely Verify That