Which of the following is not one of the independent auditor's objectives regarding the examination of inventories?
A)Verifying that inventory counted is owned by the entity.
B)Verifying that the entity has used proper inventory pricing.
C)Ascertaining the physical quantities of inventory on hand.
D)Verifying that all inventory owned by the entity is on hand at the time of the count.

Question

Quizplus · Accepted Answer

The auditor's objective is to verify that the inventory counted is owned by the entity, verify that the entity has used proper inventory pricing, and ascertain the physical quantities of inventory on hand. However, the auditor is not responsible for verifying that all inventory owned by the entity is on hand at the time of the count, as this may not be possible due to factors such as theft or loss.

Which of the Following Is Not One of the Independent