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An Engagement supervisor has asked the audit senior to perform the following procedures related to an engagement.  For each procedure listed, identify the financial statement assertion being tested by selecting the appropriate option from the list provided. Each item is used only once.

Auditors should perform audit procedures relating to subsequent events? 

A client has disposed of several pieces of manufacturing equipment at a significant gain. This raises questions as to which assertion in regard to property, plant, and equipment?

Which of the following auditing procedures will provide evidence to support management’s assertions regarding the allocation and valuation of inventories?

A portion of a client’s accounts receivable consists of many small accounts, each of which is not significant. The company has a collection period of approximately one month and cash flows generally correspond to the previous month’s sales. As a result, the auditor considers the risk of material misstatement to be relatively low. Which type of accounts receivable confirmation is likely to be used by the auditor for these accounts?

The fact that a company has significant amounts of cash in the form of foreign currency would raise the inherent risk of which management assertion regarding cash?

An auditor discovers several immaterial errors that the auditor determines do not, individually or in the aggregate, cause the financial statements to be materially misstated. The auditor proposes adjusting entries to the client, who refuses to correct the errors. Which of the following best summarizes the steps the auditor should take?

Identify the correct statement regarding analytical procedures used in a final review conducted at the conclusion of an audit.

For effective internal control, the purchasing manager generally should: