This part contains two matching problems related to audit procedures and audit assertions. Each problem has 10 audit procedures. In one problem, you match the audit procedure with one of the PCAOB audit assertions. In the other problem, you match the audit procedure with one of the types of audit procedures (e.g., vouching, inquiry, reperformance, etc.).

1.

2.

This question matches auditing procedures with the 5 PCAOB management assertions. There are 10 audit procedures but only 5 assertions. Each procedure is matched to only one assertion however, assertions will be used more than once. A. Existence or Occurrence v Review the client's calculation of the allowance for doubtful accounts. Select a sample of receiving reports and verify they were properly recorded in Accounts Payable B. Completeness Review lease agreements for capital leases C. Valuation or Allocation l- v Compare sales invoice quantities to shipment documentation quantities to verify the client's assertion D. Rights and Obligations that this procedure is done by client personnel. E. Presentation and Disclosure Select a sample of entries in the payroll journal, and match the employee name, date of payment, and amount of pay to the employee personnel file. Watch that an independent person double-checks the payroll wage rates and calculations before checks are printed. Select a sample of fixed asset additions and ask to see the assets. Calculate the percentage of sales for salary and wages expense for this year and the prior year for reasonable presentation between these expenses. Send a form to the bank for the balances of the payroll checking accounts. Ask production and sales personnel concerning possible obsolete or slow-moving inventory