An auditor selected items for test counts from a client's inventory listing before observing the client's physical inventory at the warehouse. The auditor then found the items selected at the warehouse and counted them. This procedure most likely obtained evidence concerning management's assertion of:

Question

Quizplus · Accepted Answer

Selecting items for test counts and physically counting them provides evidence about the existence or occurrence assertion, as it verifies whether the inventory physically exists and is present in the warehouse. It does not provide evidence for rights and obligations, completeness, or valuation assertions.

An Auditor Selected Items for Test Counts from a Client's