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Tools View Assignment - Word Question 1: Identify and explain (justify your answer) the sutible assurance for each of the cases below: An engagement supervisor has asked the audit assistant to perform the following procedures related to an engagement For each procedure listed, identify the financial statement assertion being tested by double-clicking on a shaded cell and selecting the appropriate option from the list provided. Select Item Completeness (account balances) Completeness (transactions and events) Completeness (presentation and disclosure) Existence 1. Examine consignment agreements. 2. Examine check register for the month following year- end for disbursements relating to the current period. 3. Review bond indenture agreement and ascertain that the client has complied with any restrictive covenants. 4. Inspect major new additions to furniture and fixtures during the current period. 5. Ascertain that the financial statements comply with GAAP requirements surrounding the classification of investment securities as current or noncurrent assets 6. Test the aging of accounts receivable. discussing long-overdue accounts with the client's credit manager 7. Observe procedures, including segregation of duties. for approving sales orders. 8. Trace shipping documents to sales invoices. 9. Reperform check on accuracy of vendor invoice pricing 10 Trace beginning balance for inventory to prior year's audit documentation Occurrence Allocation and valuation Rights and obligations Understandability and classification OK Cancel elve Windows C Focus 00 73 of 4 ge 0 W Type here to search

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