Consider the following list of substantive procedures For each substantive procedure, select the assertion(s) for which the substantive procedure is designed to detect misstatements You may use an assertion below more than once a Trace the beginning balance for cash on hand and in the bank to the prior years working papers select an assertion Completeness and existence of cash balances Completeness and existence of inventory Completeness of inventory Existence of inventory Existence, completeness, valuation and allocation, and rights and obligations for cash balances Rights and obligations for inventory Valuation and allocation for cash balances Valuation and allocation for inventory b During the inventory count look for slow moving inventory select an assertion Completeness and existence of cash balances Completeness and existence of inventory Completeness of inventory Existence of inventory Existence, completeness, valuation and allocation, and rights and obligations for cash balances Rights and obligations for inventory Valuation and allocation for cash balances Valuation and allocation for inventory c Perform cash cutoff tests by inspecting documentation, such as daily cash summaries, duplicate deposit slips, and banks statements covering several days before and after year end select an assertion Completeness and existence of cash balances Completeness and existence of inventory Completeness of inventory Existence of inventory Existence, completeness, valuation and allocation, and rights and obligations for cash balances Rights and obligations for inventory Valuation and allocation for cash balances Valuation and allocation for inventory d Examine inventory consignment arrangements and contracts select an assertion Completeness and existence of cash balances Completeness and existence of inventory Completeness of inventory Existence of inventory Existence, completeness, valuation and allocation, and rights and obligations for cash balances Rights and obligations for inventory Valuation and allocation for cash balances Valuation and allocation for inventory e Compare the cost of inventory with the clients current sales catalog and sales reports select an assertion Completeness and existence of cash balances Completeness and existence of inventory Completeness of inventory Existence of inventory Existence, completeness, valuation and allocation, and rights and obligations for cash balances Rights and obligations for inventory Valuation and allocation for cash balances Valuation and allocation for inventory f Count the inventory and match the auditors count with the clients count select an assertion Completeness and existence of cash balances Completeness and existence of inventory Completeness of inventory Existence of inventory Existence, completeness, valuation and allocation, and rights and obligations for cash balances Rights and obligations for inventory Valuation and allocation for cash balances Valuation and allocation for inventory g Confirm cash balances with banks select an assertion Completeness and existence of cash balances Completeness and existence of inventory Completeness of inventory Existence of inventory Existence, completeness, valuation and allocation, and rights and obligations for cash balances Rights and obligations for inventory Valuation and allocation for cash balances Valuation and allocation for inventory h Recalculate extensions of quantities and unit prices select an assertion Completeness and existence of cash balances Completeness and existence of inventory Completeness of inventory Existence of inventory Existence, completeness, valuation and allocation, and rights and obligations for cash balances Rights and obligations for inventory Valuation and allocation for cash balances Valuation and allocation for inventory i Obtain and scan, review, or reperform bank reconciliations as appropriate

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Consider the following list of substantive procedures. For each substantive procedure, select the assertion(s) for which the substantive procedure is designed to detect misstatements. You

Consider the following list of substantive procedures. For each substantive procedure, select the assertion(s) for which the substantive procedure is designed to detect misstatements. You may use an assertion below more than once.

a.	Trace the beginning balance for cash on hand and in the bank to the prior years working papers.	select an assertion Completeness and existence of cash balances.Completeness and existence of inventory.Completeness of inventory.Existence of inventory.Existence, completeness, valuation and allocation, and rights and obligations for cash balances.Rights and obligations for inventory.Valuation and allocation for cash balances.Valuation and allocation for inventory.
b.	During the inventory count look for slow-moving inventory.	select an assertion Completeness and existence of cash balances.Completeness and existence of inventory.Completeness of inventory.Existence of inventory.Existence, completeness, valuation and allocation, and rights and obligations for cash balances.Rights and obligations for inventory.Valuation and allocation for cash balances.Valuation and allocation for inventory.
c.	Perform cash cutoff tests by inspecting documentation, such as daily cash summaries, duplicate deposit slips, and banks statements covering several days before and after year-end.	select an assertion Completeness and existence of cash balances.Completeness and existence of inventory.Completeness of inventory.Existence of inventory.Existence, completeness, valuation and allocation, and rights and obligations for cash balances.Rights and obligations for inventory.Valuation and allocation for cash balances.Valuation and allocation for inventory.
d.	Examine inventory consignment arrangements and contracts.	select an assertion Completeness and existence of cash balances.Completeness and existence of inventory.Completeness of inventory.Existence of inventory.Existence, completeness, valuation and allocation, and rights and obligations for cash balances.Rights and obligations for inventory.Valuation and allocation for cash balances.Valuation and allocation for inventory.
e.	Compare the cost of inventory with the clients current sales catalog and sales reports.	select an assertion Completeness and existence of cash balances.Completeness and existence of inventory.Completeness of inventory.Existence of inventory.Existence, completeness, valuation and allocation, and rights and obligations for cash balances.Rights and obligations for inventory.Valuation and allocation for cash balances.Valuation and allocation for inventory.
f.	Count the inventory and match the auditors count with the clients count.	select an assertion Completeness and existence of cash balances.Completeness and existence of inventory.Completeness of inventory.Existence of inventory.Existence, completeness, valuation and allocation, and rights and obligations for cash balances.Rights and obligations for inventory.Valuation and allocation for cash balances.Valuation and allocation for inventory.
g.	Confirm cash balances with banks.	select an assertion Completeness and existence of cash balances.Completeness and existence of inventory.Completeness of inventory.Existence of inventory.Existence, completeness, valuation and allocation, and rights and obligations for cash balances.Rights and obligations for inventory.Valuation and allocation for cash balances.Valuation and allocation for inventory.
h.	Recalculate extensions of quantities and unit prices.	select an assertion Completeness and existence of cash balances.Completeness and existence of inventory.Completeness of inventory.Existence of inventory.Existence, completeness, valuation and allocation, and rights and obligations for cash balances.Rights and obligations for inventory.Valuation and allocation for cash balances.Valuation and allocation for inventory.
i.	Obtain and scan, review, or reperform bank reconciliations as appropriate.