Audit Assertion Worksheet Name ________________________________________Identify what financial statement assertion applies to each audit procedure. Use the boldedabbreviations from the first column for your answers.E: ExistenceC: CompletenessR&O: Rights and obligationsV: ValuationP&D: Presentation and disclosure1. Observe physical inventory count ______________2. Compare bond footnote discussion against bond agreement ______________3. Perform the search for unrecorded liabilities (payables)______________4. Confirm ownership of off-site inventory with warehouse ______________5. Vouching shipping documentation for sales of goods ______________6. Reviewing board minutes for evidence of loans to outside parties ______________7. Obtaining evidence for stock option grant pricing ______________8. Reviewing a report of obsolete and scrap inventory items ______________9. Obtaining support for key accrual balances ______________10. Assessing managements goodwill impairment analysis ______________11. Test the accuracy of the accounts receivable aging buckets ______________12. Confirm details of revenue transactions with customers ______________13. Recalculate the footnote rolling forward Level 3 investments ______________14. Examine contract for two-year maintenance agreement revenues ______________15. Inquire regarding status of new product R&D spending/capitalization ______________16. Examining subsequent payments from customers ______________