Part A (5 marks) List and describe the 5 assertions management makes in financial statements that auditors need to verify. Part B (3 marks) State the assertion that is examined by each of the following procedures: a. Selected a sample of entries from the sales journal and vouched each one to a related sales invoice, bill of lading, and sales order. b. The auditor selects a sample of client purchase orders issued during the year, and traces each one to the related purchases journal entry. The purchases journal entry is then traced to the accounts payable subsidiary ledger. (Quantity and pricing are NOT part of the procedure.) The auditor recalculates the percentage of accounts receivable the company used to estimate Allowance for Doubtful Accounts, and compares the results to industry standards