Determine the appropriate Audit Assertions and Procedures which would match the Audit Objectives:

1. Audit Objective : To determine that receivables exist and represent bonafide obligations owed to the company as of the statement of financial position date. 2. Audit Objective : To determine whether inventories exist at year-end and represent items held for sale in the ordinary course of business. 3. Audit Objective : To determine that receivables are recorded and presented at proper amounts in accordance with PAS/PFRS 4. Audit Objective : To determine that inventory listings are accurately compiled and inventory quantities include all items on hand and in transit

5. Audit Objective : To determine whether receivables are properly presented and classified in the financial statements 6. Audit Objective : To determine whether the company has legal title or ownership rights to inventory items and inventories exclude items billed to customers or owned by others 7. Audit Objective : To determine that all transactions relative to receivables have been recorded in the proper accounting period 8. Audit Objective : To determine that property and equipment include all capitalizable costs and capitalizable costs are not expensed 9. Audit Objective : To determine that intangibles are stated at cost less amortization 10. Audit Objective : To determine whether property and equipment included in the statement of financial position physically exists. Addition include only capitalizable cost of assets purchased, constructed, leased and retirements are removed.

AUDIT ASSERTIONS a. Existence and occurrence b. Rights and Obligations c. Completeness d. Valuation and allocation e. Presentation and Disclosure

AUDIT PROCEDURES 1. Obtain or prepare summary of property and equipment transactions and analysis of accumulated depreciation during the year and reconcile to ledger. 2. Examine evidence of legal ownership to property and equipment 3. Obtain schedule of aged accounts receivables and notes receivables and reconcile to the general ledgers 4. Confirm receivables with debtors. 5. Conduct physical inspection of major acquisition of plant and equipment 6. Observe the taking of physical inventories and conduct test counts 7. Review collectability of receivables and determine the adequacy of allowance for doubtful accounts 8. Obtain final inventory listing from the client : Trace test counts made during the inventory observation into the inventory listing; Test the clerical accuracy of the inventory listing 9. Evaluate financial statement presentation and disclosure of receivables 10. Confirm inventories in public warehouse and with consignees 11. Make inquiries of management regarding inventory ownership and examine consignment agreements 12. Vouch additions to property and equipment during the year. 13. Test cut-off sales and sales returns to determine whether receivables are recorded in the proper accounting period 14. Vouch additions or acquisition of intangible assets during the year 15. Evaluate am amortization policy and verify computation of intangibles amortization