… or the valuation of the assets.  Inspection of individual inventory items may accompany the observation of inventory counting. …

… a particular assertion, for example, the existence of inventory, is not a substitute for obtaining audit evidence … another assertion, for example, the valuation of that inventory.  On the other hand, audit evidence from different …

… by others, for example, the auditor’s observation of inventory counting by the entity’s personnel, or of the … for further guidance on observation of the counting of inventory. [13] …