ACCY 262 Case 7: Business is Booming Stone & Taylor (S&T), a multinational company, is the world's leading provider of speech recognition technology products, solutions, and services to businesses and individuals worldwide. The big names in technology companies are investing millions into S&T. Your audit firm has just won the bid to audit this much coveted client beginning fiscal year 2022. This client will certainly boost the profile of your audit firm. Your team will be auditing revenue and receivables and you are carrying out the initial work to come up with a strategy and plan of action. The following selected information pertains to S&T's sales and accounts receivable: Consolidated revenue for all countries combined increased 184 percent from the 2021 fiscal year to the 2022 fiscal year. o Revenue in Singapore alone, which has a reputation as a difficult market for foreign companies to enter, increased from $970,000 in 2021 to approximately $5.5 million in 2022, accounting for almost 50% of the revenue increase Accounts receivable grew by 238 percent from 2021 to 2022. Average days outstanding increased from 138 days in 2021 to 175 days in 2022. Required 1. Based on the above information, which assertion(s) for sales revenue should the auditor be most concerned with? Why? 2. What audit procedures should you perform to test the assertion(s) identified in (1)? Be specific as to how each type of evidence relates to the assertions 3. Based on the above information, which assertion(s) for accounts receivable should the auditor be most concerned with? Why? 4. What audit procedures should you perform to test the assertion(s) identified in (3)? Be specific as to how each type of evidence relates to the assertions 5. Comment on the overall risk of material misstatement for revenue and receivables.

Note: Answer the questions as comprehensively as possible referencing Auditing Standards, your textbook, and other relevant authoritative sources is expected where appropriate. State any assumptions, calculations etc

A general answer for each question would be appreciated. In depth is not necessary. I am just needing help on how to start the answers.