The eight general audit procedures produce evidence about the principal management assertions in financial statements. However, some procedures are useful for producing evidence about certain assertions, and other procedures are useful for producing evidence about other assertions. The assertion being audited can influence the auditors choice of procedures. Required: Opposite each general audit procedure, write the management assertions best tested by using each procedure.

a. Inspection of records or documents (vouching)

PCAOB Assertions

check all that apply 1

Existence

Occurrence

Rights and obligationsunanswered

Completeness

Valuation and allocationunanswered

Presentation and disclosureunanswered

Valuationunanswered

Rightsunanswered

All assertionsunanswered

ASB Assertions check all that apply 2

Existenceunanswered

Occurrenceunanswered

Completenessunanswered

Valuation and allocationunanswered

Rights and obligationsunanswered

Accuracyunanswered

Classificationunanswered

All assertionsunanswered

Valuationunanswered

Rightsunanswered

b. Inspection of records or documents (tracing)

PCAOB Assertions

check all that apply 3

Existenceunanswered

Occurrenceunanswered

Rights and obligationsunanswered

Completenessunanswered

Valuation and allocationunanswered

Presentation and disclosureunanswered

Valuationunanswered

Rightsunanswered

All assertionsunanswered

ASB Assertions check all that apply 4

Existenceunanswered

Occurrenceunanswered

Completenessunanswered

Valuation and allocationunanswered

Rights and obligationsunanswered

Accuracyunanswered

Classificationunanswered

All assertionsunanswered

Valuationunanswered

Rightsunanswered

c. Inspection of records or documents (scanning)

PCAOB Assertions

check all that apply 5

Existenceunanswered

Occurrenceunanswered

Rights and obligationsunanswered

Completenessunanswered

Valuation and allocationunanswered

Presentation and disclosureunanswered

Valuationunanswered

Rightsunanswered

All assertionsunanswered

ASB Assertions check all that apply 6

Existenceunanswered

Occurrenceunanswered

Completenessunanswered

Valuation and allocationunanswered

Rights and obligationsunanswered

Accuracyunanswered

Classificationunanswered

All assertionsunanswered

Valuationunanswered

Rightsunanswered

d. Inspection of tangible assets

PCAOB Assertions

check all that apply 7

Existenceunanswered

Occurrenceunanswered

Rights and obligationsunanswered

Completenessunanswered

Valuation and allocationunanswered

Presentation and disclosureunanswered

Valuationunanswered

Rightsunanswered

All assertionsunanswered

ASB Assertions check all that apply 8

Existenceunanswered

Occurrenceunanswered

Completenessunanswered

Valuation and allocationunanswered

Rights and obligationsunanswered

Accuracyunanswered

Classificationunanswered

All assertionsunanswered

Valuationunanswered

Rightsunanswered

e. Observation

PCAOB Assertions

check all that apply 9

Existenceunanswered

Occurrenceunanswered

Rights and obligationsunanswered

Completenessunanswered

Valuation and allocationunanswered

Presentation and disclosureunanswered

Valuationunanswered

Rightsunanswered

All assertionsunanswered

ASB Assertions check all that apply 10

Existenceunanswered

Occurrenceunanswered

Completenessunanswered

Valuation and allocationunanswered

Rights and obligationsunanswered

Accuracyunanswered

Classificationunanswered

All assertionsunanswered

Valuationunanswered

Rightsunanswered

f. Confirmation

PCAOB Assertions

check all that apply 11

Existenceunanswered

Occurrenceunanswered

Rights and obligationsunanswered

Completenessunanswered

Valuation and allocationunanswered

Presentation and disclosureunanswered

Valuationunanswered

Rightsunanswered

All assertionsunanswered

ASB Assertions check all that apply 12

Existenceunanswered

Occurrenceunanswered

Completenessunanswered

Valuation and allocationunanswered

Rights and obligationsunanswered

Accuracyunanswered

Classificationunanswered

All assertionsunanswered

Valuationunanswered

Rightsunanswered

g. Inquiry

PCAOB Assertions

check all that apply 13

Existenceunanswered

Occurrenceunanswered

Rights and obligationsunanswered

Completenessunanswered

Valuation and allocationunanswered

Presentation and disclosureunanswered

Valuationunanswered

Rightsunanswered

All assertionsunanswered

ASB Assertions check all that apply 14

Existenceunanswered

Occurrenceunanswered

Completenessunanswered

Valuation and allocationunanswered

Rights and obligationsunanswered

Accuracyunanswered

Classificationunanswered

All assertionsunanswered

Valuationunanswered

Rightsunanswered

h. Recalculation

PCAOB Assertions

check all that apply 15

Existenceunanswered

Occurrenceunanswered

Rights and obligationsunanswered

Completenessunanswered

Valuation and allocationunanswered

Presentation and disclosureunanswered

Valuationunanswered

Rightsunanswered

All assertionsunanswered

ASB Assertions check all that apply 16

Existenceunanswered

Occurrenceunanswered

Completenessunanswered

Valuation and allocationunanswered

Rights and obligationsunanswered

Accuracyunanswered

Classificationunanswered

All assertionsunanswered

Valuationunanswered

Rightsunanswered

i. Reperformance

PCAOB Assertions

check all that apply 17

Existenceunanswered

Occurrenceunanswered

Rights and obligationsunanswered

Completenessunanswered

Valuation and allocationunanswered

Presentation and disclosureunanswered

Valuationunanswered

Rightsunanswered

All assertionsunanswered

ASB Assertions check all that apply 18

Existenceunanswered

Occurrenceunanswered

Completenessunanswered

Valuation and allocationunanswered

Rights and obligationsunanswered

Accuracyunanswered

Classificationunanswered

All assertionsunanswered

Valuationunanswered

Rightsunanswered

j. Analytical procedures

PCAOB Assertions

check all that apply 19

Existenceunanswered

Occurrenceunanswered

Rights and obligationsunanswered

Completenessunanswered

Valuation and allocationunanswered

Presentation and disclosureunanswered

Valuationunanswered

Rightsunanswered

All assertionsunanswered

ASB Assertions check all that apply 20

Existenceunanswered

Occurrenceunanswered

Completenessunanswered

Valuation and allocationunanswered

Rights and obligationsunanswered

Accuracyunanswered

Classificationunanswered

All assertionsunanswered

Valuationunanswered

Rightsunanswered