Physical inspection or count by the auditor is performed on items such as:
A) cash, inventory, cancelled cheques, and tangible fixed assets.
B) cash or inventory only.
C) cash, inventory, securities, notes receivable, and tangible fixed assets.
D) cash, inventory, cancelled cheques, and sales documents.

Question

Quizplus · Accepted Answer

Physical inspection or count by the auditor is typically performed on assets that are tangible or have a physical form, such as cash, inventory, securities, notes receivable, and tangible fixed assets. This allows the auditor to verify their existence and condition.

Physical Inspection or Count by the Auditor Is Performed on Items