Below, you are provided five audit procedures. Evidence is required to support several audit assertions related to management assertions. For each procedure, state only the PRIMARY management assertion being tested, the PRIMARY audit assertion being tested, and the quality of evidence (high, medium, low) obtained. Explain why the evidence is the quality level you specify.

1. Send negative external confirmation requests to a large sample of the store's customers who have balances due on account at year-end.

2. Perform test counts of goods on hand during the company's normal physical inventory taking, one month prior to the year-end.

3. Examine receiving reports dated prior to the year-end that have not been matched to vendor invoices.

4. Review paid invoices and supporting documents for amounts classified as repair and maintenance expenses for large or unusual items.

5. Examine audited financial statements of several foreign companies in which the client owns shares, and which are being held as temporary investments.

Copy the following table into your Word document and use it for your answer.

Management Assertion.	Audit Assertion.	Quality of Evidence.	Explanation.