You, CPA, are a Senior Auditor at ABC LLP and have been assigned to the audit engagement of General Books Inc. for the year-end March 31, 2022. You are planning on performing the following procedure: Obtaining the board and senior management meeting minutes to confirm that General Books Inc. has title to and owns 100% of the inventory stored in the warehouse.

Which of the following assertions is this procedure trying to address?

Select one:

a.

Existence of Inventory

b.

Valuation of Inventory

c.

Rights (Ownership) of Inventory

d.

Classification of Inventory