Final answer:
When an auditor inspects a tangible asset to support a balance in the client's records, they are gathering evidence to support the existence assertion.
Step-by-step explanation:
When an auditor inspects a tangible asset to support a balance in the client's records, the auditor is gathering evidence to support the existence assertion. The existence assertion is one of the assertions auditors test in order to provide assurance on the accuracy and completeness of financial statements. By physically inspecting a tangible asset, such as inventory or equipment, the auditor can gather evidence that the asset actually exists and is in the possession of the client.