Required: For each auditor test listed below, identify the most appropriate management assertion. (Hint: An assertion can be used more than once, however choose one answer for each scenario). Use the following key: E: Existence or Occurrence C: Completeness V: Valuation or allocation R: Rights and Obligations P: Presentation and Disclosure 1. equipment listed on its balance sheet. The auditor may discover that the recorded cost of inventory exceeds the actual market (selling) price when testing which assertion? 2. 3. The auditor checks the prenumbered cashed checks to make sure all purchases of inventory during the year have been recorded 4. The auditor is worried about inventory going obsolete. Accounts receivable confirmations usually provides strong evidence about the following assertion 5. Auditor is concerned that some long-term receivables are categorized as current assets. 7 The auditor checks to make sure the company has title to (owns) all the For the toolbar, pross ALT+F10 (PC) or ALT-FN-F10 (Mac). BIS Paragraph Arial 14px 110 III MY Click Save and Submit to save and submit. Click Save All Answers to save all answers