stion Completion Status: Required: For each unique scenario below, identify the most adequate audit procedure being described (choose only one procedure) 1. Count inventory items, identify goods in transit and consignment goods and determine the ending inventory balance to reconcile it with the recorded amount by the client 2. Obtain a written statement from a customer regarding the amount due to the client as of year-end. 3. Review the deeds and title forms to establish whether the firm owns the rights to the long-term assets or are simply renting them. 4. Physically examine factory machinery to investigate the need for impaiments or writ-offs, 5. Calculate an employee's gross pay for the prior month by multiply the hourly rate times the hours worked. 6. Determine the ratio of cost of goods sold to sales as a test of overall reasonableness of gross margin relative to the preceding year, 7. You review s Trial Balance document prepared by management for unusual ending balances 8. You attend the company's year-end physical count of inventory, taking notes throughout the process, 9. Discussed with the Chief Financial Officer (CFO) the approval process for purchases. T TTTT Paragraph : Arial XDQ + 3 (12pt) T' T. MTSS Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save Al Answer Required: For each umique scenario below, identify the most afequate audit procedure being described (choose only one procedure) 1. Count inventory items, identify poods in transit and consignment goods and determine the ending inventory halmoe to reconcile it with the recorded amount by the client 2. Obtain a written statement from a customer regarding the amount due to the client as of year-end. 3. Review the deeds and title forms to establish whether the fim owns the rights to the long-term stets or are simply renting them. 4. Physically examine factory machinery to investigate the need for impairments or writ-offs 5. Calculate an employee's grous pay for the prior month by multiply the hourly rate times the hours worked 6. Determine the ratio of cost of yoods sold to sales as a test of overall retables of gross margin relative to the preceding your 7. You review a "Trial Balance document prepared by management for utrusual trading balances. 8. You attend the company's year-end pleysical count of inventory, taking notes throughout the process Discussed with the Chief Financial Officer (CFO) the approval process for purchases Paragraph : Arial TTTT X DOO 3 (12) T Q IX2 O SOM HTML