Required

For each of the six audit procedures listed below, identify the primary management assertion being tested and the account balance being verified, name the specific audit procedure being used (e.g. inspection, observation, inquiry, confirmation, computation, analysis, etc.) and state the quality of the audit evidence obtained (high, moderate, or low), explaining why the evidence is the quality level you specify. Organize your answer with these headings:

Situation

Identify the primary management assertion ( mark) and the account balance being verified ( mark)

Name the specific audit procedures being used ( mark each)

State the quality of the audit evidence obtained (high, moderate, or low), explaining why the evidence is the quality level you specify ( mark for the quality and 1 mark for the explanation)

Sent positive confirmation requests to a sample of customers with unpaid balances at December 31, 2017.

Performed test counts of goods on hand during the company's normal physical inventory taking on December 31, 2017, and traced them to the client's inventory listing.

Requested statements as of November 30, 2017, from a large sample of vendors with whom the client did business during 2017.

Examined shipping reports dated prior to year-end that have not been matched against customers' invoices.

Recalculated amortization of copyrights, patents, and other intangibles as at December 31, 2017

Examined and counted Canadian government bond certificates held as investments as of December 31, 2017.