An auditor has accounted for a sequence of inventory tags and is now going to trace information on a representative number of tags to the inventory summary sheets. Which assertion does this procedure relate to most directly?Select one:a.existenceb.valuationc.legalityd.completeness

After accounting for a sequence of inventory tags, an auditor traces a sample of tags to the physical inventory listing to obtain evidence that all items:Select one:a.included in the listing have been counted.b.included in the listing are represented by inventory tags.c.represented by inventory tags are bona fide.d.represented by inventory tags are included in the listing.

The auditors will usually trace the details of the test counts made during the observation of the physical inventory taking to a final inventory schedule. This audit procedure is undertaken to provide evidence that items physically present and observed by the auditors at the time of the physical inventory count are:Select one:a.owned by the clientb.not obsoletec.physically present at the time of the preparation of the final inventory schedule.d.included in the final inventory schedule

Which of the following audit objectives does not relate primarily to the financial report assertion of completeness?  Group of answer choicesInventory quantities include all products, materials and supplies owned by the company that are in transit.Inventory quantities include all products, materials and supplies on hand.Inventories are reduced when appropriate to net realisable value.The totals of inventory listings are properly included in the inventory accounts

An audit program for inventory includes the following procedure:“Test count a sample of physical inventory and agree to management’s count records.”"Observe the arrangements of the client's management before the inventory count."&nbsp;"Select goods received notes for a few days before the count date and confirm that they are recorded and existed as "goods in" in inventory records. The corresponding goods should be included in the purchase in trade payables.""Obtain written representations concerning the completeness and accuracy of the physical count and valuation."Which of the above procedure is not included at the time of attending the physical stock take.<br /> A. a. 2 <br />B. b. 4 <br />C. c. 3 <br />D. d. 1

The auditor tests the quantity of materials charged to work in process by tracing these quantities toSelect one:a.Perpetual inventory recordsb.Materials requisition formsc.Cost ledgersd.Receiving reports