How do identify and explain the assertions at risk

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Michael Ltd is currently auditing the financial report of Jackson Ltd for the year ending 30 June 2021. You are the audit manager of this audit, and in your recent conversation with Jane Doyle, the audit partner, you have the learnt the following about Jackson Ltd:

Jason, a member of the audit team, is unable to locate a supplier invoices for several inventory deliveries between February 2020 and May 2020. He has audited the registers maintained by the warehouse which states the date of the delivery; quantity delivered and the supplier name. However, when he reviewed the payable register, he wasn't able to trace any invoices. Jason is therefore confused on how this is even possible.

REQUIRED

Problem A) Identify and explain the assertions at risk in the above scenario.

Problem B) Write a substantive procedure to verify the assertion(s) identified in (A) above

Reference no: EM132819876

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