You are completing the audit of Warburton Pty Ltd. You read a note in the file from your assistant, Candice Clark, which states,

I was unable to attend the stock count because of COVID-19 travel restrictions. However, I sought evidence concerning the existence assertion by calculating the inventory turnover ratio and comparing it with the ratio for last two years. I believe this to be satisfactory because Warburtons levels of sales and purchases have been stable over this time. I found the ratio to be consistent with those for the past two years and so concluded that my approach was satisfactory.

REQUIRED: Is Candice justified in forming the conclusion that she did? Give the reason for your answer.