Brady Thomson is the audit senior of the accounting firm Brilliant Accounting. He is currently involved with the audit of Southern Metals Limited. He has performed each of the following procedures in order to gather audit evidence: 

(a) Liabilities are checked to ensure that all liabilitids that were settled before the year end have been excluded from the balance sheet.

 (b) Liabilities are checked to ensure that they have not been valued below the amount expected to be paid in accordance with an applicable accounting standard.

(c) Liabilities are checked to ensure that they include all finance lease obligations.

(d) Vouched a sample of inventory items from a client's inventory records to physical stock.

(e) Checked last purchase transaction recorded before the balance sheet date and the first purchase transaction recorded after the balance sheet date.

Identify the key assertion that Brady is most likely testing with each of the procedures and provide an explanation for your answer.