Assertions

Question 1

cash - review disclosures for compliance with gaap

Answer 1

presentation and disclosure

Question 2

cash-confirmation

Answer 2

existence or occurrence

Question 3

cash - review bank statements

Answer 3

rights and obligations

Question 4

cash - foot summary schedules

Answer 4

valuation, accuracy

Question 5

cash - count cash on hand

Answer 5

existence

Question 6

perform analytical procedures on cash

Answer 6

completeness/cut off

Question 7

prepare bank transfer schedule

Answer 7

existence or occurrence

Question 8

review bank reconciliation

Answer 8

completeness/cut off

Question 9

cash - review cut offs receipts and disbursements

Answer 9

completeness cut off

Question 10

obtain bank cut off statement to verify reconciling items on bank recon

Answer 10

completeness cutoff

Question 11

cash - reconcile summary schedules to GL

Answer 11

valuation/accuracy

Question 12

test translation of foreign currencies

Answer 12

valuation allocation

Question 13

receivables -confirmation

Answer 13

existence or occurrence

Question 14

inquire about pledging or discounting

Answer 14

presentation and disclosure

Question 15

receivables - confirmation

Answer 15

existence occurrence

Question 16

inspection of notes receivable

Answer 16

existence or occurrence

Question 17

inquire about factoring of receivables

Answer 17

rights and obligations

Question 18

vouch shipping documents, invoices, credit memos

Answer 18

existence occurrence

Question 19

review loan agreements for factoring and pledging

Answer 19

presentation and disclosure

Question 20

review cut offs - sales, cash receipts, sales returns

Answer 20

completeness cut off

Question 21

foot subsidiary ledger

Answer 21

valuation

Question 22

reconcile subsidiary ledger to GL

Answer 22

valuation

Question 23

examine subsequent cash receipts

Answer 23

valuation

Question 24

age receivables to test accuracy of allowance for da

Answer 24

valuation

Question 25

discuss adequacy of allowance with management and compare to historical experience

Answer 25

valuation

Question 26

inquire about pledging inventories

Answer 26

presentation and disclosure

Question 27

review purchase commitments

Answer 27

presentation and dfisclosure

Question 28

confirmation of consigned inventory and inventory in warehouse

Answer 28

existence

Question 29

observe inventory count

Answer 29

existence

Question 30

inquire about inventory from vendors on consignment

Answer 30

rights and obligations

Question 31

review cut offs of sales, sales returns, purchases, purchase returns

Answer 31

completeness cut off

Question 32

perform test counts and compare with clients summary

Answer 32

completeness cut off

Question 33

inquire about consigned inventory

Answer 33

completeness and cut off

Question 34

account for all inventory tags and count sheets

Answer 34

completeness cut offs

Question 35

perform analytical schedules on inventories

Answer 35

completeness cut off

Question 36

foot and extend summary schedules

Answer 36

valuation

Question 37

reconcile summary schedules to gl

Answer 37

valuation

Question 38

test inventory costing method

Answer 38

valuation allocation accuracy

Question 39

determine that inventory is valued at lcm

Answer 39

valuation

Question 40

examine inventory quality - salable condition

Answer 40

valuation

Question 41

test inventory obsolescence

Answer 41

valuation