Many elements of valuing inventory _______.

Question

Quizplus · Accepted Answer

Valuing inventory involves both professional judgment and accounting estimates, as there are various methods and assumptions that can be used. Internal auditors may be involved in the process, but it is ultimately the responsibility of the external auditor to ensure that the inventory is valued appropriately and accurately. Strict accounting rules also apply, but there is still room for judgment and estimation. Ignoring the valuation issues would not be a responsible approach for the auditor.

Many Elements of Valuing Inventory _______