Auditing & Assurance Services 6th Edition by Timothy Louwers

Exercise 45

When auditing merchandise inventory at year-end, the auditor performs audit procedures to obtain evidence that no goods held on consignment are included in the client's ending inventory balance. This audit procedure provides assurance about which management assertion?
A) Completeness.
B) Existence.
C) Valuation and allocation.
D) Rights and obligations.
E) Occurrence.