Question 1 (16 marks) The purpose of substantive testing is to verify the assertions made by management in the financial statements. Consider the following unrelated audit tests, an auditor performed for the audit of the financial statements of a client with a fiscal year end of December 31, 2014. For each of the four audit procedures listed below, identify the primary management assertion being tested, name the specific audit procedure being used, and state the quality of the audit evidence obtained (high, moderate, or low), explaining why the evidence is the quality level you specify. (1 mark for the correct management assertion, 1 mark for the correct type of procedure, 1 mark for identifying the quality of evidence as high, moderate or low, 1 mark for a explaining the recommended quality of evidence).(Only identify the main management assertion and the main type of procedure) Organize your answer with these headings: Management assertion Audit procedure Quality of audit evidence a. (4 marks) Sent positive confirmation requests to a sample of customers with unpaid balances at December 31, 2014. b. (4 marks) Recalculated the amortorization expense for property, plant and equipment. c. (4 marks) Obtained a continuity schedule of balances for property, plant and equipment vouched additions back to the source documents. d. (4 marks) Traced samples of inventory from the client's inventory count observation count sheets to the final inventory compilation sheets; multiplied inventory cost times quantity and traced to the inventory sub ledger