The attached list of audit procedures could be performed by the auditor for the sales and collection cycle of an entity. For each procedure, indicate the management assertion from the list provided below that is most likely being tested by the procedure. Place the appropriate abbreviation for your answer in the space next to the audit procedure on the list. LIST OF MANAGEMENT ASSERTIONS Management Assertion Abbreviation CO RO VA Completeness Rights and Obligations Valuation and Allocation Existence Classification and Understandability Cutoff CU CUT