Please read the Case- DHB Industries , Inc. and precisely answer these Qs:
• Identify key financial statement assertions and related audit objectives (see separate slide of PCAOB AS 15 assertions).
• Assets/revenues (overstatement risk - existence/occurrence key assertions)
• Liabilities/expenses (understatement risk - completeness key assertions)
• Consider any improper cutoff (e.g., to overstate sales, inventory, cash and understate liabilities, expenses)
• Explain audit procedures the auditor performed to test the assertions.