Which of the following is the assertion with the highest inherent risk in auditing inventory?
A)Completeness.
B)Rights.
C)Existence.
D)Properly classification on the balance sheet.

Question

Quizplus · Accepted Answer

The assertion with the highest inherent risk in auditing inventory is existence, as there is a higher risk of inventory being overstated or understated due to the potential for errors or fraud in physical counting and the possibility of obsolescence or deterioration. Completeness, rights, and proper classification are also important assertions to consider, but they do not have as high a risk as existence.

Which of the Following Is the Assertion with the Highest