Aussiental runs a hotel loyalty program which enables members of the program to earn points for every dollar spent on accommodation, food and beverages at Aussiental branded hotels. These points may be redeemed at a later date for free accommodation or other benefits. Aussiental records a loyalty program future redemption liability on the basis of the number of points expected to be redeemed prior to their expiry multiplied by redemption cost per point.

What is the key assertion at risk, a brief explanation and a audit procedure?