Attending an inventory count primarily provides evidence about:
AValuation and allocation only
BExistence and condition of inventoryCORRECT
CRights and obligations only
DPresentation and disclosure
ICANAudit & AssuranceAudit Evidence and Sampling2021
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Why the answer is B, and why the others tempt you.
Attendance provides evidence of existence and condition, and of the effectiveness of counting procedures. Valuation requires separate testing of cost and net realisable value.
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