An auditor most likely would make inquiries of production and sales personnel concerning possible obsolete or slow-moving inventory to support management's financial statement assertion of
A) Valuation.
B) Rights and obligations.
C) Existence.
D) Completeness.

Question

Quizplus · Accepted Answer

This is because the auditor is trying to obtain evidence related to the valuation assertion, which refers to whether inventory is stated at the lower of cost or market value. Obsolete or slow-moving inventory may need to be written down to reflect its lower value, so the auditor would inquire with production and sales personnel about any of this type of inventory.

An Auditor Most Likely Would Make Inquiries of Production and Sales