These numbers might differ based on payment agreements or time of payments by the customer. Answer these same four questions for the ICash Receipts source. $278,323 - credit postings $284,419 - expected cash $286,134 - debit postings to cash Confirm your expectation of the timing of the revenue collected as cash based on the entity's collection policies and other information. Part II: Substantive evidence in response to assessed risk Background In response to the risks identied, you will perform certain substantive procedures. These substantive procedures may be a combination of analytical procedures and tests of detail.[2] The following substantive analytical procedures can be performed using the EV Helix GL Analyzer for students to obtain some of the audit evidence needed to respond to the assessed risks of material misstatement. Additional procedures, not included in this case study. would also be needed to conclude. a. Substantive analytical procedure monme revenue trend b. Substantive analytical procedure gross margin analysis c. Cutoff testing date analysis Part Ila: Substantive analytical procedures - monthly revenue trend When identifying and assessing risk we set general expectations when using the Monthly activity analysis to understand infon'nation about the activity of revenue accounts, by month, for the current and prior period. When using analytical procedures to obtain substantive evidence, we develop a more precise expectation of recorded amounts or ratios and evaluate whether the expectation is sufficiently precise (taking into account whether substantive analytical procedures are to be perfon'ned alone or in combination with tests of details} to identify a misstatement that, individually or when aggregated with other misstatements, may cause the nancial statements to be materially misstated.[3] Required: Based on your understanding of the annual and monthly activity of the revenue streams by reviewing the Monthly activity analysis. What is your reasonably precise expectation of monthly revenue? For purposes of this case. limit your work to just hotel sales. The average is 409,113 for FY16 How did you develop your expectation and how precise do you think it is? Take the average of hotel sales for FY16 to develop the expectation. It is understood that the hotel industry