Q3. Using Generalised Audit Software for Substantive Tests Nichol Ltd is a medium-sized manufacturer of commercial coffee machines, supplying the hospitality industry in Australia. Nichol maintains a computerised inventory system which includes the following fields for each of their product lines: Stock code (alpha-numeric field); . Stock location (alphabetical field); . Product description (alphabetical field); Quantity on hand (numeric field); . Unit cost (numeric field); . Total value on hand (calculated field); Date of last sale (date field: dd/mm/yyyy); . Year to date sales quantity (numeric field); . Last year's year to date sales quantity (numeric field). Required: Using generalised auditing software in relation to the inventory of Nichol: a. Describe one substantive procedure related to the existence assertion. b. Describe two substantive procedures related to the valuation and allocation assertion. c. Describe two exception reports that could be generated to provide insights into potential problems with the data file. [2 + 4 + 4 = 10 Marks]