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