Question: 6. Management assertions: Describe the management assertions relevant to cash and other liquid assets using the five management assertions relevant to cash and other liquid

6. Management assertions: Describe the management assertions relevant to cash and other liquid assets using the five management assertions relevant to cash and other liquid assets listed below: existence completeness- rights and obligations valuation presentation and disclosure 2. Assume that you are planning the audit of the Lenter Supply Company's cash account. Describe how each of the procedures could be used in the audit of cash and identify the related assertion(s) the procedure is designed to test. How Used (examples) Assertion(s) Tested Procedure Observation Reperformance Inspection of assets Inquiry External Confirmation Inspection Documentation Recalculation Analytical Procedures ofl

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