Simulation 5-46 (LO 5-1, 5-2,5-4) Auditors consider financial statement assertions to identify appropriate audit procedures. For items a through f, match each assertion with the statement that most closely approximates its meaning. Each statement may be used only once. Statement Assertion a. Completeness b. Cutoff C. Existence and occurrence d. Presentation and disclosure e. Rights and obligations f. Valuation Auditors perform audit procedures to obtain audit evidence that will allow them to draw reasonable conclusions as to whether the client's financial statements follow generally accepted accounting principles. Match each audit procedure with its type. Each type of audit procedure is used; one is used twice. Type of Audit Procedure Audit Procedures g. Prepare a flowchart of internal control over sales. h. Calculate the ratio of bad debt expense to credit sales. i. Determine whether disbursements are properly approved. Confirm accounts receivable. k. Compare current financial information with comparable prior periods