For each procedure, identify the relevant assertions for account balances. AUDIT PROCEDURE Obtain a list of accounts

For each procedure, identify the relevant assertions for account balances.

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AUDIT PROCEDURE Obtain a list of accounts payable. Re-add and compare with the general ledger. Trace from the general ledger trial balance and supporting documentation to determine whether accounts payable, related parties, and other related assets and liabilities are properly included on the financial statements. For liabilities that are payable in a foreign currency, determine the exchange rate and check calculations. Discuss with the bookkeeper whether any amounts included on the accounts payable list are due to related parties, debit balances, or notes payable. Obtain vendors' statements from the controller and reconcile them to the listing of accounts payable. Obtain vendors' statements directly from vendors and reconcile them to the listing of accounts payable. Examine supporting documents for cash disbursements several days before and after year-end. Examine the acquisitions and cash disbursements journals for the last few days of the current period and first few days of the succeeding period, looking for large or unusual transactions. Assertions