While working on an external audit for a multi-national winemaking company, your team discovers that

• While overall controls relating to fixed asset subsystems are generally strong:
• The company's management is not transparent about how they assess the value of these intangible assets.

Complete the table below with the following tasks in mind

a. Describe how each of the key assertions are at risk under audit objective

b. Design relevant substantive test of details to address the assertion at risk identified above.

Key Assertion	Audit Objective	Substantive audit procedures
Existence
Rights and Obligations
Completeness
Valuation, Accuracy and allocation
Classification
Presentation