The audit procedures for each financial statement account must be tailored to uncover potential misstatements in each account.

CONCEPT REVIEW:

While specific audit procedures must be tailored to each type of account, it is important to ensure that the auditors are meeting general objectives based on assertions. $1.$ A cutoff test that relates to plant assets typically affects $\_\_\_\_\_\_\_\_\_\_$blank$\mathrm{.}2.$ Because documents like checks, shipping documents, and receiving reports are usually $\_\_\_\_\_\_\_\_\_\_$blank, it is easier for auditors to verify cutoff$\mathrm{.}3.$ The amount appearing as an asset on a financial statement is usually the accumulation of many $\_\_\_\_\_\_\_\_\_\_$blank items$\mathrm{.}4.$ Fair values can be evaluated by comparing to prices on $\_\_\_\_\_\_\_$ markets$\mathrm{.}5.$ Auditors may use audit $\_\_\_\_\_\_\_\_\_\_$blank to test clerical accuracy.