2.You have identified the following three risks for your audit client, determine the key assertion of risk for each item. Explain reasons for your answers.

I.Overstatement of assets, due to the possibility that some of the entity's recorded assets have not been written down to their fair value

II.Understatement of liabilities, due to the possibility that the entity has not recorded all of its liabilities.

III.Overstatement of revenues, due to the possibility that revenue relating to the next period has been incorrectly recorded in the current period

IV.Overstatement of revenues, due to the possibility that recorded revenue transactions are not genuine