The auditor's observation of inventory is a generally accepted auditing procedure.

Name: The auditor's observation of inventory is a generally accepted auditing procedure.
Brand: Quizplus
Rating: 4.7 (32 reviews)

Question

Quizplus · Accepted Answer

The auditor's observation of inventory is a generally accepted auditing procedure. This is because it allows the auditor to verify the existence and condition of inventory, and also to obtain sufficient appropriate audit evidence to support the valuation and disclosure of inventory in the financial statements.

The Auditor's Observation of Inventory Is a Generally Accepted Auditing