An auditor would vouch inventory on the inventory status report to the vendor's invoice to obtain evidence concerning management's balance assertions about
A)Existence.
B)Rights and obligations.
C)Completeness.
D)Valuation.

Question

Quizplus · Accepted Answer

Vouching inventory to the vendor's invoice helps verify the valuation assertion by ensuring that inventory is recorded at the correct cost.

An Auditor Would Vouch Inventory on the Inventory Status Report