This week in Chapter 5 we identified different types of audit procedures that the auditor may perform when conducting the audit engagement, as well as different types of audit evidence that may be gathered to support the conclusion of the audit opinion. For this weeks discussion post, select one of the risks identified below and identify which assertion/account is at risk and develop an audit procedure you could perform to gain comfort that the assertion has been adequately met. 1) Risk 1 - You have identified that your client has 100 boxes of t-shirts in your client's warehouse. When you open one of the boxes, they all read "Halifax 2012 Fun Run". 2) Risk 2 - Your client has a long term bank loan with the bank, which is dependent on the client maintaining the agreed upon covenants, otherwise, the bank has the right to recall the loan. You have just finalized your audit and have identified the client has breached their covenants. 3) Risk 3- Last year, your client supported the recoverable amount of it's patent with a forecast of profit. Through review of the sales details and overall net income, it does not appear that the forecasted profit amount was met.