Big Tasty Bird Inc. (BTB) is a turkey farm. BTB year-end is September 30, 2020. It takes about four to six months to raise a turkey from the time the chicks hatch from their eggs. A full-grown and healthy turkey that is ready for sale can weigh anywhere between 16 and 24 lbs. Such turkeys usually sell for about $4 per lb. Turkeys are susceptible to different diseases, including turkey pox. Turkeys that get this disease stop growing, and it costs more to look after them. At full maturity, turkeys that have turkey pox end up weighing just 5 to 6 lbs. In prior years, BTB would vaccinate all of its turkeys against turkey pox. However, in 2020, due to financial pressures, management decided to "risk it" and did not vaccinate any of the birds. The decision was paying off, until the summer of 2020, when about half of the turkeys at BTB got turkey pox.

Based on the facts depicted in the case, identify the relevant assertion that is at most risk of being misstated.
	1)	Valuation
	2)	Cutoff
	3)	Existence
	4)	Rights and Obligations
	5)	Completeness
	6)	Classification
b.	What is an audit procedure to test the assertion selected in Requirement a? (select all that apply)

A.

Assess the reasonableness of the write-down of the birds.

B.

Inquire if these birds can be sold for public consumption.

C.

Inquire as to the number of turkeys affected by the turkey pox.

D.

Inquire if BTB has any insurance coverage to cover its losses due to turkey pox.

E.

Verify that the chickens at the turkey farm exist.

F.

Go to the farm and inspect the percentage of the total turkey population affected by the turkey pox.

G.

Sell the birds affected by the turkey pox for public consumption.

H.

If sale price is below cost, verify if management has made a write-down in inventory value of turkeys with turkey pox to net realizable value.

I.

Verify the expected sale price for birds affected by turkey pox.