The following five audit procedures were completed during an audit of a companys financial statements.

1. Select a sample of equipment listed on capital asset master files and inspect the asset to determine what condition it is in.

2. Watch staff scan products and enter cash received.

3. Calculated an estimated total managerial payroll expense by multiplying the average salary by the number of managers. Compared the estimated payroll expense with actual expense.

4. Recalculated a sample of sales invoices for mathematical accuracy.

5. Discuss with management any payroll liabilities that appeared in the prior year's financial statements that are not provided for in the current year.

Required

For each audit procedure above identify the:

- assertion(s) being met

- the type of evidence and

- quality of audit evidence (high, moderate, or low) explaining WHY the evidence is the quality level you specified