Chapter 13 Problem 32 LO 13-12 In obtaining evidential matter in support of financial statement assertions, the auditor develops specific audit procedures to address those assertions. Required: Hilmart is a retail department store that purchases all goods directly from wholesalers or manufacturers. Select the most appropriate audit procedure from the dropdowns to address the following assertions. (An audit procedure may be selected once more than once, or not at all) Specific Assertion a Ensure that the entity has legal title to inventory Inights and obligations) b. Ensure that recorded inventory quantities include all products on hand (completeness) c. Venity that inventory has been reduced when appropriate to replacement cost or not realizablo value (valuation) d Venly that the cost of inventory has been properly determined (accuracy) e. Verity that the major categories of inventory and their bases of valuation are adequately reported in the financial statements completeness and accuracy and valuation for presentation and disclosure)