To Obtain Assurance That All Inventory Items in a Client's

question 472

Multiple Choice

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

• A) Inventory tags noted during the auditor's observation to items listed in receiving reports and vendors' invoices.
• B) Items listed in receiving reports and vendors' invoices to the inventory listing.
• C) Inventory tags noted during the auditor's observation to items in the inventory listing.
• D) Items in the inventory listing to inventory tags and the auditor's recorded count sheets.

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Definitions:

International Repercussions

The global effects or consequences that result from an event or action occurring in a particular country or region.

Charles I

King of England, Scotland, and Ireland from 1625 until his execution in 1649, whose reign was marked by religious and constitutional conflicts leading to the English Civil War.

Constitutional Crisis

A situation that arises when there is a serious disagreement about the interpretation or application of a constitution, leading to a standoff between different branches of government or levels of authority.

Charles I

A 17th-century king of England, Scotland, and Ireland, whose conflicts with parliament led to the English Civil War and ultimately his execution in 1649.