Your task: • Select 1 of the revenue accounts that you identified in Part A, • Access the General Ledger detail for that account from the file: GL extract for Part B.doc (Go to Blackboard: Assessment: Assignment), • Use one of the following sample selection techniques: random, systematic or haphazard, to select 5 transactions from the ledger account for further audit testing, • Explain/demonstrate how your chosen sampling technique resulted in the selection of these 5 transactions, and • Provide an explanation of the benefits of your selected technique (including the limitations of the 2 alternative techniques). Your task: Please provide an answer to the following questions: 1. What might be your reason for adopting a predominantly substantive approach in Part B? 2. Which of the following assertions are you likely to be more concerned about for the account used in Part B: occurrence or completeness? Why? 3. Which of the following audit procedures would be more appropriate: tracing or vouching? Why? 4. Please list 1 other assertion that might be relevant for this account. 5. What evidence could you seek for the assertion you identified in question 4? You should list at least 1 example of corroboratory evidence and/or a specific audit procedure. 6. Assume your further testing revealed an error with one of the transactions you selected in Part B, specifically a misstatement of $20,000. a. Is this likely to be considered acceptable? Why/why not? b. Would the magnitude of the misstatement be relevant if you were doing tests of control rather than substantive testing? Why/why not? c. What other information would you need to know before projecting your results to the entire account balance? 7. Under which circumstances might it be considered acceptable to use a part-year trial balance, such as the one presented in Part A, for substantive testing?