Auditors consider financial statement assertions to identify appropriate audit procedures. For items a through f, match each assertion with the statement that most closely approximates its meaning. Each statement may be used only once.

Auditors perform audit procedures to obtain audit evidence that will allow them to draw reasonable conclusions as to whether the client’s financial statements follow generally accepted accounting principles. Match each audit procedure with its type. Each type of audit procedure is used; one is used twice.

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Assertion a. Completeness b. Cutoff c. Existence and occurrence d. Presentation e. Rights and obligations f. Valuation Statement 1. There is such an asset. 2. The company legally owns the assets. 3. All assets have been recorded. 4. Transactions are recorded in the correct accounting period. 5. Assets are recorded at proper amounts. 6. Assets are properly classified.