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The auditor is planning for the audit of a car accessories retail business. Inventory is material, and items range in value from $1 to over
The auditor is planning for the audit of a car accessories retail business. Inventory is material, and items range in value from $1 to over $500. The nature of the store means that many items are specially ordered with special branding and promotional packaging. Orders are placed six months in advance from overseas suppliers.Based on the information above, what assertion is most at risk for inventory?
a) Existence
b) Valuation and Allocation
c) Completeness
d) Rights and Obligations
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