MICA is a regional credit union with 10 branches across the province. MICA leases its premises and buys furniture, such as waiting-area chairs and back-office desks, through a central asset purchasing department. All computer assets are acquired on finance leases. The furniture in the waiting area has a life of four years and repairs are common because of constant use. Back-office furniture items have a life of seven years and are often relocated as branches are refurbished or relocated at the expiration of the premises’ lease. MICA has adopted a “green” office policy over the last three years and refurbishment and recycling of furniture is encouraged. Where furniture is replaced, suppliers with “green” credentials are preferred. In these cases, old furniture is returned to the supplier as a trade-in on new furniture, even when the market value of these items is virtually zero. 

Required

Make a list of audit procedures that could be used for substantive testing of furniture at MICA. Explain which assertion each procedure is testing.