When auditing inventory, which of the following procedures would the auditor least likely perform?

Determine whether any inventory has been pledged.

Verify that all inventory out on consignment is included in the clients year-end inventory count.

Verify the clients calculations of the cost of inventory on hand at year-end.

Observe the physical inventory count and make test counts.

Verify that all inventory in on consignment is included in the clients year-end inventory count.