Phung then prepared the following partial audit program of substantive audit procedures:

Foot and crossfoot the analysis.

Trace the September $30$ balances to the general ledger and financial statements.

Trace the beginning balances to the prior year$$s working papers.

Obtain positive confirmation of the investments held by any independent custodian as of the balance sheet date.

Determine that income from investments has been properly recorded as accrued or collected by reference to published sources, by computation, and by tracing to recorded amounts.

For investments in nonpublic entities, compare carrying value to information in the most recently available audited financial statements.

Determine that all transfers among held$-$to$-$maturity, trading, and available$-$for$-$sale securities have been properly authorized and recorded.

Determine that any other$-$than$-$temporary decline in the price of an investment has been properly recorded.

Required:

a$.$ For procedures $4-8,$ identify the primary financial statement assertion relative to investments that would be addressed by each procedure.