The audit procedure "Perform tests of lower-of-cost-or-market, selling price, and obsolescence" provides assurance mainly for the realizable value objective for inventory pricing and compilation.

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The audit procedure "Perform tests of lower-of-cost-or-market, selling price, and obsolescence" provides assurance mainly for the realizable value objective for inventory pricing and compilation. This is because it helps ensure that inventory is valued at the lower of cost or market (i.e. the most conservative value), taking into account factors such as selling price and potential obsolescence.

The Audit Procedure "Perform Tests of Lower-Of-Cost-Or-Market, Selling Price, and Obsolescence