Several audit objectives are listed below. For each item, identify the related assertion and a specific audit procedure that can be applied to accomplish the objective.
(a) Establish whether recorded amounts due from customers are valid.
(b) Determine whether leases are properly recorded as capital or operating leases.
(c) Assess the adequate inclusion of related party transactions.
(d) Determine that year-end inventory quantities are actually on hand.
(e) Determine whether prices used in the client’s billing program are authorized.
(f) Determine whether payroll is properly accrued at year-end.
(g) Verify whether all cash collections are included in bank deposits.
(h) Determine whether the general ledger includes any unusual adjusting entries.