An auditor most likely would make inquiries of production and sales personnel concerning possible obsolete or slow-moving inventory to support management's financial statement assertion of:
A)valuation.
B)rights and obligations.
C)existence.
D)completeness.

Question

Quizplus · Accepted Answer

The financial statement assertion of valuation relates to whether inventory is recorded at the appropriate amount. Inquiries about obsolete or slow-moving inventory would provide support for this assertion by helping the auditor evaluate whether the inventory is potentially overvalued.

An Auditor Most Likely Would Make Inquiries of Production and Sales