Ensuring inventories include all materials, products and supplies on hand at the end of the reporting period derives from the audit assertion of
A) completeness.
B) accuracy, valuation, and allocation.
C) existence.
D) rights and obligations.

Question

Quizplus · Accepted Answer

The assertion of completeness ensures that all inventory items have been included in the inventory count at the end of a reporting period. This includes checking that all materials, products, and supplies are accounted for and there are no omissions.

Ensuring Inventories Include All Materials, Products and Supplies on Hand