(a) Explain how management assertions, general balance-related audit objectives and specific balance-related audit objectives are developed for accounts receivable account balance. (b) (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 v) Presentation and disclosure General Balance- Related Audit Objectives Existence Completeness Detail tie-in Rights and obligations Presentation and disclosure Specific Balance-Related Audit Objectives Applied to Inventory (9 marks)