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1. Please is it appropriate to end an audit procedure without ending with the assertion it test, such as “to verify existence”, or it is compulsory.
2. Please can one audit procedure be used to test two or more assertions?
3. Can picking a sample of inventory from inventory count sheet and physically inspecting at the client premises help verify Valuation, apart from verifying existence?
1. If you look at published answers you will see that they do not necessarily have to end with an assertion – and, of course, if the Q specifies the assertion it will not be necessary to state it since all answer points should be relevant to the stated assertion.
2. Possibly – “accuracy” may match with “completeness”.
3. Well yes in so far as valuation is Q x P so you have to verify the existence of the Q before confirming the cost. Also physical examination provides evidence of condition – “old”, “obsolete”, “damaged” etc – all such items should be separately noted during the count so they are appropriately valued at the lower of cost and NRV.
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