During a client's stocktake you select a sample of items from the floor, count them and trace the quantities to the inventory summary sheet.Which financial report assertion is this audit procedure related to?
A)Valuation and allocation.
B)Rights and obligations.
C)Completeness.
D)Existence.

Question

Quizplus · Accepted Answer

This audit procedure is related to the completeness assertion because it is designed to ensure that all of the items that should be included in the inventory summary sheet are actually included.

During a Client's Stocktake You Select a Sample of Items