Please answer this Audit question correctly

Margaritaville, CPA has been engaged to audit Underwood Company's financial statements Underwood Company is a public company and the auditors will use the auditing standards of the PCAOB. Senior Auditor, Adele, has been assigned to the audit of accounts receivable. Senior Auditor Adele selected a random sample of 40 accounts to be confirmed. She prepares 30 positive confirmations and 10 negative confirmations. Confirmations are sent confirming the October 31st balance, even though Underwood has a year-end of December 31. Adele states in her memo that confirming as of October 31 and the use of negative confirmations is supported because control risk has been assessed at a high level and the auditor has set the inherent risk at a high level. After careful selection and preparation procedures, she gave the confirmations to the President's secretary to mail. Five confirmations stating that the (customer) did not agree with the balance stated on the confirmation were returned. Adele assumed that the differences were errors and concluded that AR could be overstated/understated by 12.5%. Adele did not receive a response from ten of the confirmations. Therefore, she decided to do the best alternative auditing procedure, which was to look at invoices sent from the client to their customer. Adele's final conclusion was that Accounts Receivable was fairly stated as the expected misstatement was less than the projected misstatement. Required: After reading the above memo, read AS 1101: Audit Risk and AS 2301: Confirmation Process. Complete the table by listing any incorrect assumption or statement used by Adele in the audit of Accounts Receivable. In the next column explain why it is incorrect and site authoritative literature for maximum points that specifically indicates that the statement was incorrect. You will only have authoritative literature citations for a few of the incorrect assumptions you note in the table. Also, include what would have been the best course of action. Please list vour points in table format with each point in its own row. A new row is created by hitting the "tab" kev._An example of a citation would be AS 2301.05 or AS 2301.05-.06 Incorrect Assumption Why it was incorrect? What would have been the best course of action