The auditor determines that each of the following objectives will be part of your audit of Cameron Co., Inc. For each audit objective select a substantive procedure that would help to achieve that objective. Each of the procedures may be used once, more than once, or not at all. Audit Objective Substantive Procedures . Establish the completeness of inventories. 2. Establish the accuracy of cost amounts of inventories Examine current vendors' price lists Review drafts of the financial statements Select a sample of items during the physical inventory count and determine that they have Determine that the presentation and disclosure of inventories and cost of goods sold is adequate 4. Establish that the client has rights to the recorded inventories. been included on count sheets Select a sample of recorded items and examine supporting vendors' invoices and contracts. Select a sample of recorded items on count sheets during the physical inventory count and 5. Establish the existence of ending inventory. determine that items are on hand. The auditor determines that each of the following objectives will be part of your audit of Cameron Co., Inc. For each audit objective, select a substantive procedure that would help to achieve that objective. Each of the procedures may be used once, more than once, or not at all. Audit Objective Substantive Procedures 1. Establish the completeness of inventories. 2. Establish the accuracy of cost amounts of inventories 3. Determine that the presentation and disclosure of inventories Select a sample of Items during the physical inventory count and determine that they have and cost of goods sold is adequate 4. Establish that the client has rights to the recorded inventories. been Included on count sheets. Select a sample of recorded items and examine supporting vendors' invoices and contracts. Select a sample of recorded items on count sheets during the physical inventory count and 5. Establish the existence of ending inventory determine that items are on hand. Test the reasonableness of general and administrative labor rates