QUESTION #1 - PART C Total Marks - 6 Marks You, CPA, have completed the risk assessment process of Modern Chair Company (MCC) and have identified the following key risks relating to the financial statement audit for the year-end March 31, 2020 Risk # Risk Description Key Assertion: ABC LLP is concerned about the Existence safeguarding of the computers and information systems stored on-site at MCC. MCC is currently involved in a lawsuit Completeness with an external vendor. MCC management is not certain about recording a contingent liability, as they are unsure about the likely outcome or potential financial impact from the lawsuit. As a result, ABC LLP is concerned whether the expenses and liabilities may be understated ABC LLP is concerned about the Accuracy reasonableness of the useful life of capital assets. As a result, the depreciation expense may not be calculated correctly. REQUIRED: For each of the risks identified above, describe an audit procedure that can be used to address the risk and related assertion. Ensure to explicitly state the type of audit procedure and the necessary documentation required to perform the procedure