Below are six situations in which an auditor runs into some kind of problem with the client's

financial statements. For each situation, please indicate the appropriate management

assertion $/$ audit objective which is affected by the problem.

An auditor is concerned about whether

certain sales transactions were recorded

Accuracy

at the correct amount. What management

assertion $/$ audit objective is this?

An auditor is concerned about whether

certain payroll transactions were properly

recorded in the Work in Process inventory

account and$/$or immediately expensed on

the income statement. What management

assertion $/$ audit objective is this?

$[$Choose$]$

Occurance

Completeness

Realizable Value

Validation

Classification

Detail Tie$-$In

Representation

Integrity

Accuracy

An auditor is concerned that a client may

not have properly applied Lower of Cost

of Market to their ending Inventory thus

overstating the Inventory account. What

management assertion $/$ audit objective is

this?

An auditor notices that the dollar amount

of Accounts Recelvable on the Balance

Sheet does not agree to the Receivable

balance as stated on the General Ledger.

What management assertion $/$ audit

objective is this?

An auditor discovers that a client has

been cookie jarring. What management

assertion $/$ audit objective does this

pertain to$?$

An auditor discovers that a client has

been channel stuffing. What management

assertion $/$ audit objective does this relate

to$?$