Question 4 15 points SAVE ANSWER Required: For each of the independent situations (listed below), use the following tabular format in your response, to identify and justify the financial statement assertions that are at risk and determine the audit procedures that can be used to gather sufficient and appropriate evidence about these assertions: Client Financial statement assertions Justification (why are these assertions the most relevant?) Audit procedures a. MountainView Pty Ltd is a family business that manufactures lollies. Most purchases are raw materials of fruit, sugar, and some colouring agents. When shipments arrive, the supplier's invoice is checked against the goods by whoever is in the factory at that time. The invoice is then sent to the office for payment and checked against the order before payment is made. (5 marks) b. During interim testing the auditors of Lots of Love Lid, a well-regarded inner-city distillery, noted that the costing system does not always identify the full cost of the goods that are being made. As a result the value of finished goods inventory may be understated. (5 marks) c. Caveman Foods was established in 2017 and produces a range of paleo products for the Australian market. While the auditor was undertaking their planning, they noticed that the company appeared to have a debt recovery problem-most accounts receivable balances are outstanding for more than 105 days. Caveman Foods current provision for doubtful debts is 0.8% of sales, last year's credit sales totalled $1.2m and bad debts written off were $75,000. (5 marks) In the answer box below, write the letter and your answer. e.g. a. Your