In seeking assurance that inventory items in an entity's inventory listing schedule are real and valid, an auditor most likely would trace: Multiple Choice inventory tags noted during the auditor's observation to items listed in the inventory listing schedule. ) items listed in the inventory listing schedule to inventory tags and the count sheets O Items listed in receiving reports and vendors' Invoices to the inventory listing schedule. O For several years, a company's physical inventory count has been lower than the amount shown on the books at the time of the count, so that downward audit adjustments to the inventory account were required. Weaknesses in internal controls that could be contributing to this inventory problem could be the failure to record some: Multiple Choice o purchases returned to vendors. sales returns received cash purchases of inventory. As an auditor you have selected items for test counts while observing an entity's physical inventory count. You will then trace the test counts to the entity's inventory listing. This procedure will provide evidence concerning management's assertion of: Multiple Choice completeness o volution. valuation O presentation