To support financial statement assertions, an auditor devclops specific substantive p to satisty or address each assertion. Required: Items (a) through (e) represent assertions for the property and equipment accounts. Select the most appropriate audt procedure from the following list and enter the number in the appropriate place on the grid. (An audi procedure may be selected once or not at all.) Audit Procedure: 1. Trace opening balances in the summary schedules to the prior year's audit working papers. 2. Review the provision for depreciation expense and determine that depreciable lives and methods used in the current year are consistent with those used in the prior year 3. Determine that the respons bility for maintaining the property and equipment records is segregated from the respons bility for custody of property and equipment. 4. Examine deeds and title insurance certificates. 5. Perform cutoff tests to verify that property and equipment additions are recorded in the proper period. 6. Deiermine that property and cquipment are adequately insured 7. Physically examine all major property and equipment additions. Speofic Assertion a. Vefy that the entity has the legal right to property and equipment acquired during the (click to select) (Click to select) to sclect year (rights and obligations) Venfy that recorded property and equipment represent assets that actually ex st at the bal nce sheet date (existence). Venfy that net property and equipment are properly valued at the balance sheet dabe (valuation and allocation