Listed below are audit procedures performed by the auditor during the course of the audit of an organization's financial statements and the related management assertions that may be tested with these audit procedures. AUDIT PROCEDURES PERFORMED BY AUDITORS TO TEST MANAGEMENT ASSERTIONS IN THE FINANCIAL STATEMENTS (a) Confirm the bank balances in the checking accounts with the bank. Review a copy of notes payable to determine their due dates. (c) Select a sample of shipping documents and trace them to the related sales invoices. d) Observe the client taking a physical inventory at year end. (e) Inquire of management regarding compensating balance arrangements required for its bank accounts MANAGEMENT ASSERTIONS TESTED BY AUDITOR CO Completeness A Accuracy VA Valuation and Allocation E Existence C Cutoff RO Rights and Obligations O Occurrence CU Classification and Understandability REQUIRED: Using the attached answer sheet, indicate the primary management assertion that is being tested by the following audit procedures. Provide a brief reason for your choice