Substantive audit procedures in the inventory process are
A)inspection of records,documents,or tangible assets
B)monitoring
C)inquiry
D)risk assessment
E)reviewing policies and procedures
F)both A and C
G)both B and D
H)both D and E

Question

Quizplus · Accepted Answer

Substantive audit procedures in the inventory process include inspection of records, documents, or tangible assets and inquiry. These procedures are designed to obtain audit evidence about the existence, completeness, and valuation of inventory. The other options, such as monitoring, risk assessment, and reviewing policies and procedures, may be part of the overall audit process but are not specific to the inventory process. Therefore, the best choice is F, which includes the two procedures specific to inventory.

Substantive Audit Procedures in the Inventory Process Are