You are a graduate auditor of the 3P Limited (3P) audit engagement.

Part B

You have received the 3P audit plan for the accounts listed below which details substantive procedures to be performed. The audit manager has asked you to identify the key assertion that each of the procedures addresses before you perform the procedure

Account | Substantive procedures | Key assertion

1. Inventory write down expense: review adequacy of inventory write down expense for slow moving and defective inventory line items
2. Superannuation payable: for a sample of casual employees' superannuation entitlement accrued for hours worked but not yet paid, trace to the superannuation payable account.