For each audit activity, identify the PCAOB assertion that matches with the activity. Each activity has one answer, but the assertions are used more than once.

_Review lease agreements for capital leases.

_Select a sample of inventory items from the receiving reports and follow the items to inventory records.

_Select a sample of fixed asset additions and ask to see the assets.

_Review the client's calculation of the allowance for doubtful accounts.

_Compare sales invoice quantities to shipping document quantities to verify the client's assertion that this procedure is done by client personnel.

_Select a sample of entries in the payroll journal and match the employee name, date of payment, and amount of pay to the employee personnel file.

_Ask production and sales personnel concerning possible obsolete or slow-moving inventory.

_Watch that an independent person double-checks the payroll wage rates and calculations before check are printed.

_Calculate the percentage of sales for salary and wages expense for this year and the prior year for reasonable presentation.

_Send a form to the bank for the balances of the payroll checking account

A.

Existence or Occurance

B.

Completeness

C.

Valuation or Allocation

D.

Rights and obligations

E.

Presentation and Disclosure