petrating such a fraud. 11-23 LO8 Refer to Exhibit 11.13, which describes assertions and related audit procedures for accounts payable. Match the following assertion with their associated auditing procedure: (a) existence/occurrence, (b) completeness, (c) rights and obligations, (d) valuation or allocation. (e) presentation and disclosure. 1. Request vendors' monthly statements or send confirmations to major vendors requesting a statement of open account items. 2. Review the client's financial statement disclosures of accounts payable and expense accounts such as travel and entertainment. 3. Use GAS to verify mathematical accuracy of accounts payable, or agree to the general ledger. Examine a sample of cash disbursements made after the end of the year to determine whether the disbursements are for goods and services applicable to the previous year. 5. Perform a cutoff test of purchases and cash disbursements made after year-end. 6. Perform analytical review of related expense accounts; for exam- ple, travel and entertainment, or legal expenses. 7. Review long-term purchase commitments, and determine whether a loss needs to be accrued. 8. Reconcile monthly statements and confirmations from major vendors with the accounts payable list. Jotaining Substantive Evidence About Accounts, Disclosures, and Assertions 613 Obtaining Substantive Evidence About Accounts, Exhibit 11.13 Management Assertions and Substantive Procedures for Accounts Payable Assertions Existence/occurrence Completeness Substantive Audit Procedures 1. Perform a cutoff test of purchases and cash disbursements 1. Request vendors' monthly statements or send confirmations to major vendors requesting a statement of open account items 2. Agree monthly statements and confirmations from major vendors with accounts payable list 3. Examine a sample of cash disbursements made after the end of the year to determine whether the disbursements are for goods and services applicable to the previous year 4. Perform analytical review of related expense accounts, such as travel and entertainment or legal expenses 1. Review long-term purchase commitments and determine whether a loss needs to be Rights and obligations Valuation/allocation accrued 1. Use data analytics tools to verify mathematical accuracy of accounts payable, and agree to general ledger 1. Review management's financial statement disclosure of: Accounts payable Expense accounts such as travel and entertainment Presentation and disclosure