You have stated that, in the event of an audit, a C&R licensee is not required (upon request of the ATF) to submit his firearms for examination - only his bound book.
How do you reconcile this claim with the below quote from ATF Publication 5300.11, revised December 2007, page 3 (emphasis is mine)?
SS 478.23 Right of entry and examination. (a) [A]ny ATF officer, when there is reasonable cause to believe a violation of the Act has occurred and that evidence of the violation may be found on the premises of any licensed manufacturer, licensed importer, licensed dealer, or licensed collector, may, upon demonstrating such cause before a Federal magistrate and obtaining from the magistrate a warrant authorizing entry, enter during business hours (or, in the case of a licensed collector, the hours of operation) the premises, including places of storage, of any such licensee for the purpose of inspecting or examining:
1) Any records or documents required to be kept by such licensee under this part and
2) Any inventory of firearms or ammunition kept or stored by any licensed manufacturer, licensed importer, or licensed dealer at such premises or any firearms Curios or Relics or ammunition kept or stored by any licensed collector at such premises.
c) Any ATF officer, without having reasonable cause to believe a violation of the Act has occurred or that evidence of the violation may be found and without demonstrating such cause before a Federal magistrate or obtaining from the magistrate a warrant authorizing entry, may enter during the hours of operation the premises, including places of storage, of any licensed collector for the purpose of inspecting or examining the records, documents, firearms, and ammunition referred to in paragraph (a) of this section (1) for ensuring compliance with the record-keeping requirements of this part not more than once during any 12-month period or (2) when such inspection or examination may be required for determining the disposition of one or more particular firearms in the course of a bona fide criminal investigation. At the election of the licensed collector, the annual inspection permitted by this paragraph shall be performed at the ATF office responsible for conducting such inspection in the closest proximity to the collector's premises.
The above clearly allows for the inspection to take place at the ATF office instead of the collector's home (premises). Nowhere, however, does it exempt the collector from the requirement to submit his records and firearms
for inspection on demand, whether the inspection takes place at his home or the ATF office. It is right there in the text, crystal clear.
The only explanation I can think of for your claim is that you may have a different version of this publication. Can you cite a source supporting your claim that a C&R licensee is not required to furnish his firearms for inspection on demand, regardless of where the inspection takes place?