Relating Internal Controls to Assertions and Audit Procedures (14 marks) For each of the following internal controls, identify the corresponding management assertion that is most closely associated with it. Then identify an appropriate type of audit procedure to test the assertion. Assertion (only name one) Type of Audit Procedure Appropriate for Testing i) At the end of each month, warehouse inventory is counted and reconciled with general ledger ii) Revenue processing systems automatically timestamp transactions after employees mark jobs as performed iii) Copies of all purchase and sale contracts with external parties are kept as a record of legal standing iv) Cash registers automatically perform all calculations to reduce the likelihood of error. v) Receiving reports must be generated and signed by authorized personnel before accounts payable is created vi) The finance department reviews each long term debt account periodically in order to ensure the amount due in the upcoming year is moved to current liabilities section of the financial statements. vii) The company legal team reviews all outstanding litigation at the end of the year to ensure all material cases are included in the financial statements