This course has emphasized the 5 traditional financial statement "assertions" that auditors use as broad audit objectives.Prepare partial audit program based on these assertions for the audit of a hypothetical commercial company's accounts receivable area.

Required: On the left side below, identify each of the "traditional" financial statement assertions and briefly explain what each assertion means; and on the right side below, identify one audit procedure that is applicable to each assertion in the context of auditing accounts receivable.Note that, in this case, a particular audit procedure may be used only one time, so please choose the audit objective most applicable to a particular audit procedure.

Assume a wholly substantive approach (i.e., no reliance on the client's internal controls in this area) with the substantive audit procedures to be performed at or after year-end.