ASSERTIONS

For each of the audit procedures listed below state the primary Assertion the procedure is focused on and the related financial statement category (i.e. Receivables, Inventory etc.).

	Audit Procedure	Primary Assertion	Financial Statement Account
1	Test the controls your client has over reconciling daily sales recorded per the POS system (point of sale) to bankings and the general ledger.
2	Attend the clients year end stock-take and select a sample of stock items from the clients inventory count sheets and agree the quantity to the stock items on the warehouse shelves.
3	Confirm directly with a sample of your clients customers the balance your client has recorded as being receivable at year end from them.
4	Test the controls your client has over the approval of hours their staff record in their timesheets.
5	Compare your clients stockturn rate to that of the prior year and the industry average.