Assertions

Question 0

Credit approval

Answer 0

Valuation & accuracy

Question 1

Inspecting

Answer 1

Completeness

Question 2

Recomputing

Answer 2

Valuation & accuracy

Question 3

Matching

Answer 3

Valuation & accuracy

Question 4

Validity

Answer 4

Existence

Question 5

Restrictions on RE

Answer 5

Understandability & classification

Presentation & disclosure

Question 6

Transfers between categories of invesents

Answer 6

Classification.

Question 7

Has been properly recorded

Answer 7

Accuracy

Question 8

Obsolete or slow moving inventory

Answer 8

Valuation & allocation

Question 9

Revenue (usually overstayed)

Answer 9

Existence

DOES THIS REVENUE ACTUALLY EXIST

Question 10

Expenses (usually understated)

Answer 10

Complete

ARE ALL EXPENSES RECORDED

Question 11

Observe

Answer 11

Existence

Question 12

Inquire

Answer 12

P&D

R&O

Question 13

Inspect

Answer 13

P&D
R&O
Classification

Question 14

Observe

Answer 14

Exist

Question 15

Vouch

Answer 15

Existence

Occurrence

Question 16

Confirm

Answer 16

Existence

Occurrence

Question 17

Cutoff

Answer 17

Completeness

Question 18

AP

Answer 18

Completeness

Question 19

Trace

Answer 19

Completeness

Question 20

Reconcile

Answer 20

Valuation

Question 21

Is it worth what the FS says?

Answer 21

Valuation & allocation

Question 22

The price is right!

Costs, valuation, price

Answer 22

Valuation & allocation

Question 23

Is it there? Do the records match the warehouse?

Answer 23

Existence

Question 24

Do the numbers show the whole amount of inventory?

Answer 24

Completeness

Question 25

Under statements

Answer 25

Completeness

Question 26

AR balances

Answer 26

Rights & obligations | Existence

Question 27

Completeness of AP - use:

Answer 27

Vendors with whom entity had previously done business

Question 28

Completeness for inventory

Answer 28

Cutoff procedures for shipping & receiving

Question 29

Are investments properly described and classified

Answer 29

Class & understand Transfers from current to noncurrent portfolio

Question 30

Do recorded investments rep invesents actually owned?

Answer 30

R&O Confirmations

Question 31

AR reps all amts owed to entity at BS date

Answer 31

Completeness Sales cut offs

Question 32

AR at NRV

Answer 32

Valuation Review aged trial balance

Question 33

Review of subsequent events

Answer 33

Valuation, allocation, accuracy Completeness R&O