Question

To gain assurance that all inventory items in a client's inventory listing schedule are valid, an auditor most likely would trace

Answer 1

To gain assurance that all inventory items in a client's inventory listing schedule are valid, an auditor most likely would vouch (C) items listed in the inventory listing schedule to inventory tags and the auditor's recorded count sheets.

What are inventory items?

• Inventory item - a discrete product that can be indicated as being in stock.
• You can track inventory if your company sells stock items.
• A product purchased for resale that is tracked in Stock and on the Balance Sheet is an inventory item.
• An inventory list should, in general, include the product's name, SKU number, description, cost, and quantity.
• Inventory lists assist brands in managing and monitoring stock levels, enabling tighter inventory control and a more streamlined approach to inventory management.
• An auditor will most likely attest items listed in the inventory listing schedule to inventory tags and the auditor's recorded count sheets to get assurance that all inventory items in a client's inventory listing schedule are valid.

Therefore, to gain assurance that all inventory items in a client's inventory listing schedule are valid, an auditor most likely would vouch (C) items listed in the inventory listing schedule to inventory tags and the auditor's recorded count sheets.

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Complete question:

To gain assurance that all inventory items in a client's inventory listing schedule are valid, an auditor most likely would vouch

A. Inventory tags were noted during the auditor's observation of items listed in the inventory listing schedule.

B. Inventory tags were noted during the auditor's observation of items listed in receiving reports and vendors' invoices.

C. Items listed in the inventory listing schedule to inventory tags and the auditor's recorded count sheets.

D. Items listed in receiving reports and vendors' invoices to the inventory listing schedule.