Refer to Exhibit. Describe at least one auditing procedure for each financial statement assertion for sampling andGAS.

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Using Sampling to Gather Evidence Take a sample of recorded transactions Financial Statement Assertion Using GAS to Gather Evidence Existence or occurrence Sort the file to identify the largest items, the and for selected items examine underly smallest items, the last transactions during frequent tems within the file; also useful in Take a sample of subsequent cash dis Sort the file by vendor to identify the most ing evidence or send out confirmations. the year (for testing culoff), or the most scanning for unusual transactions Completenes bursements to sparch for underrecorded liabilities. commonly used vendors, or the least com- monly used vendors; or comparing the list of vendors from the prior year to the current year Rights or obligations Perform in conjunction with existence Sor the file to scan for unusual testing, including examining source documents. Valuation or allocation Select items and trace back to source documents, such as purchase agreements or invoices. Foot the file and test computations. Presentation and disclosure Verify estimates or other items for proper disclosure