Inventory is the most valuable asset for a company. The company applies controls over inventory for its safeguard and detection of inventory frauds. The auditor also tests these controls to determine the nature and extent of the audit procedures applied for audit of inventories. To choose: the internal control activity that is most likely to address the completeness assertion of the inventory.

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Chapter 13, Problem 13.19MCQ

To determine

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Inventory is the most valuable asset for a company. The company applies controls over inventory for its safeguard and detection of inventory frauds. The auditor also tests these controls to determine the nature and extent of the audit procedures applied for audit of inventories.

To choose: the internal control activity that is most likely to address the completeness assertion of the inventory.

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