The following three audit procedures were completed during an audit of a company's financial statements. 1. 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 and follow-up on any significant differences. 2. Select a sample of equipment listed on capital asset master files and physically identify the asset. 3. The auditor discussed with the client the approach taken to estimate an asset impairment charge. 4. Account for a sequence of sales receipts. Required For each audit procedure above identify the: o Assertion being met o the type of evidence and o quality of audit evidence (high, moderate or low) explaining WHY the evidence is the quality level you specified Use the table on the next page to answer this question. Assertion (list one only) Audit Procedure Type of audit evidence ( list one only) Quality of audit evidence (high, moderate, or low) and WHY