When there is a high risk that expenses are understated, which of the following assertions is most likely to be affected?

		Occurrence.
		Accuracy.
		Completeness.
		Valuation and allocation.

The completeness assertion would be violated if:

		the allowance for doubtful accounts was understated.
		unbilled shipments had occurred during the period.
		the balance of accounts payable was overstated.
		all of the above would violate the completeness assertion.

ShoeWorld sells a large range of sporting shoe brands from different manufacturers, and a large amount of inventory is on consignment. The key audit risk to be addressed at year-end is:

		valuation of inventory.
		rights and obligations in relation to inventory.
		existence of inventory.
		classification of inventory.