An auditor has determined that there is a high risk that her client has overvalued inventory.Which audit assertions would require additional testing?
A)accuracy and existence
B)allocation and accuracy
C)accuracy and valuation
D)valuation and classification

Question

Quizplus · Accepted Answer

The fact that there is a high risk of overvalued inventory indicates that there is a risk of inaccurate and misstated valuation. Therefore, additional testing of accuracy and valuation assertions is necessary.

An Auditor Has Determined That There Is a High Risk