please answer this asap. within 15 mins even if answer is short

Page 1 1 2 3 sw > 4 5 > Page 2 Question 28 (8 points) Acme Corporation is a medium-size company producing promium action figures of sports personalities Customers are eitherwy wealthy individuals or from the entertainment industry The company uses Quickbooks Online (QBO), an off-the-shell accounting bookkeeping package that includes a purchases journal, perpetual inventory account, and subledgers for both accounts receivable and accounts payable Purchases are recognized upon receipt of goods and receiving reports are matched to the purchase order from the unmatched purchase order file Records and source documents include bank statements, cancelled cheques, purchase orders, sales invoices, shipping records, and time records for employees. There are 39 employees, most of whom are long-term statt The company is privately owned by three individuals and the audit is required to comply with a covenant in a lending agreement with a large institutional investor (a venture capital tund) For each of the following four management assertions, design ono substantive audit procedure (2 marks each) Note your procedure involves selecting a sample be sure to explain what you will do with a 6 8 > :? 10 Page 3 12 13 1 Existence or occurrence of sales 2. Completeness of accounts payable 3. Ownership of manufacturing equipment 4. Presentation of recognition policy regarding accounts payable Paragraph . UM