The objective of the auditor is to obtain sufficient appropriate audit evidence regarding the: Existence and condition of inventory; and [Deleted by the AUASB.  Refer ASA 502 Audit Evidence—Specific Considerations for Litigation and Claims ] Presentation …

If inventory is material to the financial report, the auditor shall obtain sufficient appropriate audit evidence regardi ng the existence and condition of inventory by: Attendance at physical inventory counting, unless impracticable, to: (Ref: Para . …

If physical inventory counting is conducted at a date other than the date of the financial report, the auditor shall, in addition to the procedures required by paragraph 4 of this Auditing Standard, perform audit procedures to obtain audit evidence about …

If the auditor is unable to attend physical inventory counting due to unforeseen circumstances, the auditor shall make or observe some physical counts on an alternative date, and perform audit procedures on intervening …

If attendance at physical inventory counting is impracticable, the auditor shall perform alternative audit procedures to obtain sufficient appropriate audit evidence regarding the existence and condition of inventory.  If it is not possible to do so, the …

If inventory under the custody and control of a third party is material to the financial report, the auditor shall obtain sufficient appropriate audit evidence regarding the existence and condition of that inventory by performing one or both of the …

Direct communication with the entity’s external legal counsel assists the auditor in obtaining sufficient appropriate audit evidence as to whether potentially material litigation and claims are known and management’s estimates of the financial …