Final answer:
Reviewing the client's inventory valuation methods for consistency, testing the mathematical accuracy of the inventory compilation, and analyzing the adequacy of the provision for obsolete or slow-moving inventory are substantive audit procedures that would satisfy the valuation and allocation assertion related to a client's inventory balance.
Step-by-step explanation:
The substantive audit procedure that would not satisfy the valuation and allocation assertion related to a client's inventory balance is option C) Confirming inventory balances with major suppliers. While confirming inventory balances with major suppliers can provide some assurance about the existence of the inventory, it does not directly address the valuation and allocation of the inventory balance.
Options A, B, and D all directly address the valuation and allocation assertion related to inventory. Reviewing the client's inventory valuation methods for consistency helps ensure that the inventory is valued correctly. Testing the mathematical accuracy of the inventory compilation ensures that the inventory balance is accurately calculated. Analyzing the adequacy of the provision for obsolete or slow-moving inventory helps determine if the inventory is properly allocated or reserved for potential losses.