During the audit of a client's inventory account by the external auditors, which of the following assertions pertaining to inventory ar likely to be evaluated by the external auditor, and for what reason? The cutoff assertion is likely to be audited to ensure that inventory has been recorded as purchased and sold within the correct period, and the valuation assertion is likely to be audited to ensure that inventory is recorded in the appropriate accounts. The auditor will most likely audit the valuation assertion to ensure that inventory is appropriately valued, along with the occurrence assertion to ensure that stated levels of inventory exist. The existence assertion is likely to be audited to ensure that inventory levels stated in the client's account exist, and the valuation assertion to ensure that inventory is appropriately valued. The auditor will generally delegate the audit of inventory accounts to the internal audit function, as this function is more familiar with the client's operations