Question: Select from the option list provided the assertion that the auditor is most likely testing for each of the audit procedures below performed by the

Select from the option list provided the assertion that the auditor is most likely testing for each of the audit procedures below performed by the auditor. Each choice may be used once, more than once, or not at all.

Audit procedureAssertion

1 .

The auditor vouches a sample of entries in the voucher register to the supporting documents.

2 .

The auditor reviews the terms for long

-

term debt to determine the portion that should be recorded as a current liability.

3 .

During the observation of an inventory of physical count, the auditor selects items for test counts and then traces the test counts to the client's inventory listing.

4 .

The auditor examines contracts to determine whether any inventory is subject to any liens.

5 .

The auditor examines inventory turnover rates.

6 .

The auditor tests the client's computation of standard production overheads and the market price of the inventory.

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