Q2: To gain assurance that all inventory items in a client\'s inventory listing

Q: Q2: To gain assurance that all inventory items in a client's inventory listing

The correct answer is [ C] “items listed in the inventory-listing schedule to inventory tags and the auditor’s recorded count sheets.” Reason: Tracing from the inventory schedule to the inventory tags and the auditor’s recorded count sheets verifies the validity/existence of the inventory.

ID: 2596782 • Letter: Q

Question

Q2: To gain assurance that all inventory items in a client's inventory listing schedule are valid, an auditor most likely would trace: A. Inventory tags noted during the auditor's observation to items listed in the B. Inventory tags noted during the auditor's observation to items listed in receiving C. Items listed in the inventory-listing schedule to inventory tags and the auditor's D. Items listed in receiving reports and vendor's invoices to the inventory-listing inventory-listing schedule. reports and vendor's invoices. recorded count sheets. schedule.

Explanation / Answer

The correct answer is [ C]

“items listed in the inventory-listing schedule to inventory tags and the auditor’s recorded count sheets.”

Reason:

Tracing from the inventory schedule to the inventory tags and the auditor’s recorded count sheets verifies the validity/existence of the inventory.

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Q2: To gain assurance that all inventory items in a client\'s inventory listing

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