Chimo Inc. owns and operates twenty rental retirement properties in Northern Ontario. You are in charge of auditing Chimos revenues for its 2020-year end. Your audit firm has audited Chimo for many years. In recent years your firm has found the controls in the revenue, receivables, receipts process to be strong, however the firm has found it most cost-effective to use a substantive audit approach. The preliminary assessment for 2019 suggest the controls continue to be deficient Chimo has a total of 9,000 one-bedroom and 3,000 two-bedroom rental units. The occupancy rate in recent years, and the current year, has been close to 100% because there is a shortage of retirement residences in this region. Tenants pay rent monthly by giving a cheque to the property manager at each residence. Each property manager deposits the cheques at the nearest branch of Chimos bank and sends the deposit information and tenant listing to Chimos head office, where the Accounting Manager enters the information into the sales journal and general ledger. The Accounting Manager reconciles the bank statements monthly. Chimos draft financial statements report rental revenues of $102.6 million, tenant receivables of $9 million, and net income are $5.9 million. You have been assigned to develop the detailed audit program (list of procedures) to provide sufficient appropriate evidence that Chimos rental revenues are not materially misstated for the current year audit.

Required: Write five (5) substantive tests you would perform and identify the key management assertion for each. Ideally your audit program will provide evidence about all management assertions. Use the table below to summarize your detailed audit program. Nature of audit procedure, type evidence it provides Key Management Assertion

Nature of audit procedure, type evidence it provides	Key Management Assertion