Question: REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE E= existence C=Completeness A=Accuracy Cl=Classification Cu=Cutoff V=Valuation RO=Rights & Obligations PD=Presentation & Disclosure Procedure 1. Compare

REQUIRED: IDENTIFY THE ASSERTION[S] RELATED TO EACH AUDIT PROCEDURE

E= existence C=Completeness A=Accuracy Cl=Classification Cu=Cutoff V=Valuation RO=Rights & Obligations PD=Presentation & Disclosure

Procedure

1. Compare selected items on the inventory list with the physical inventory.

2. Question operating personnel about the possibility of obsolete or slow-moving inventory.

3. Select a sample of inventory items in the factory warehouse and trace each item to the inventory count sheets to determine if each selected item has been included and if the quantity and description are correct.

4. Compare invoices to customers with shipping documents for the invoiced goods.

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