(a) (b) Explain how management assertions, general balance-related audit objectives and specific balance-related audit objectives are developed for accounts receivable account balance. (5 marks) The auditor's transaction-related audit objectives are closely related to management assertions because the auditor's primary responsibility is to determine whether management assertions about financial statements are justified. For the following general transaction-related audit objectives, describe one specific sales transaction-related audit objective applied to sales. Use the following format: Management Assertions i) Existence or occurrence ii) Completeness iii) Valuation or allocation General Transaction- Related Audit Objectives Existence Completeness Accuracy Posting and summarization Specific Sales Transaction-Related Audit Objectives For the following general balance-related audit objectives, describe one specific balance-related audit objective applied to inventory. Use the following format: Management Assertions i) Existence or occurrence ii) Completeness iii) Valuation or allocation iv) Rights and obligations General Balance- Related Audit Objectives Existence Completeness Detail tie-in Specific Balance-Related Audit Objectives Applied to Inventory v) Presentation and disclosure Rights and obligations Presentation and disclosure (9 marks) Explain the four phases of audit and their relationship to the objective of the audit (c) of the financial statements. (11marks) (Total: 25 marks)