Johnson Fine Furniture (JFF), a retailer of luxury furniture and fixtures, is planning its year-end audit. JFF has a December 31, 2021 year end. You, a CPA, are the audit manager on the file. You are currently working on the audit plan for JFF's cash and cash equivalents. You have obtained the following listing of JFF's bank accounts from the company's controller: General account U.S. account $64,791 $14,636 The controller also provided you with the following bank reconciliation dated December 31, 2021 for the general account; a bank reconciliation was not prepared for the U.S. account. $118,940 $1,500 2.250 3,750 Balance per bank Add: deposits in transit September 30 December 31 Less: outstanding cheques #1051 #1052 #1054 #1057 Adjusted bank balance Balance per general ledger Difference $51,854 459 4,390 1.196 (57.899) $64,791 $64.791 Nil . The controller noted that the outstanding deposits have not yet cleared the bank. JFF has struggled to make the monthly payments on the long-term debt and has come close to breaching the covenant imposed by the bank. To appease the bank, JFF pledged half of its cash balance as security on the company's long-term loan. Required: Identify the risks for cash and cash equivalents at JFF and the related assertions. Document the audit procedures to address the risks. Example Risk Cash could be stolen. Assertion(s) Existence Procedure Send a bank confirmation to JFF's bank