If the auditor reviews the lower of cost of market inventory adjustment made by the client,the auditor gathers evidence about which assertion(s)?
A)existence and occurrence.
B)accuracy.
C)valuation or allocation.
D)completeness.
E)presentation and disclosure.

Question

Quizplus · Accepted Answer

The lower of cost or market adjustment relates to the valuation or allocation of inventory, as it involves reducing the carrying value of inventory to the lower of its cost or its market value. The auditor will gather evidence to ensure that this adjustment has been accurately calculated and appropriately reflected in the financial statements.

If the Auditor Reviews the Lower of Cost of Market