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Verify that any inventory held for third parties is not included in the year-end inventory figure by being appropriately segregated during the invent
Confirm that any inventory held at third-party locations is included in the yearend inventory figure by reviewing the inventory listing
Can above two procedures be appropriate for right/obligation assertion of inventory
Rights = ownership here.
The first test will help to exclude inventory not owned.
I think the second one really looks at completeness. Ownership could be checked by seeing relevant orders, grns and invoices.
Also, it is not clear how the inventory listing is obtained – it might also omit inventory held elsewhere.
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