QUESTION 2 (20 marks) Part 1 Leon & Higgs (L & H) was the world's leading provider of speech and language technology products, solutions and services to businesses and individuals worldwide. Both Microsoft and Intel invested millions of dollars in L & H. However, accounting scandals and fraud allegations sent the company's stock crashing and forced the firm to seek bankruptcy protection in Belgium and the United States. The following selected information pertains to L & H's sales and accounts receivable: Consolidated revenue increased 184 percent from the 2012 fiscal year to the 2013 fiscal year Revenue in South Korea, which has a reputation as a difficult market for foreign companies to enter, increased from USD97,000 in the first quarter of 2014 to approximately USD59 Million in the first quarter of 201. In the second quarter of 2015, sales grew by 104 percent but accounts receivable grew by 128 percent Average days accounts receivable outstanding increased from 138 days in 2014 to 160 days in 2015 . Assume that you are the senior auditor on the engagement for the year ended December, 2015, Required: Based on the above information, which assertion(s) for sales should you be most concerned with? Why? Which assertion(s) for accounts receivable should you be most concerned with? Why? [6 marks) ii. What audit procedures should you perform to verify the assertion(s) for sales and accounts receivable? Be specific as how each type of procedures relates to the assertions you mentioned in parts (i) above. [ 6 marks