Homework Assignment 6 Due June 15 at 11:55 pm Question 2 You are the audit senior on the Victoria Waterworks Ltd. audit. You have collected the following information about the accounts receivable: . The AR turnover ratio was eight times for the current year and twelve times for the prior year. The AR balance has increased from $52,140 in the prior year to $176,983 in the current year In an attempt to boost sales, Victoria Waterworks Ltd. loosened its credit-granting policies during the year and also extended payment terms for its customers . Required: Identify the risks for accounts receivable at Victoria Waterworks Ltd. and the related assertions. Document the audit procedures to address the risks. Question 3 Explain the difference between vouching and tracing