Wheel. Compare this revised estimate using disaggregated data with the client's reported account balance and determine (1) whether or not the client's amount appears to be materially misstated and (2) what, if any, additional audit work is required to test the account balance. Part 3: Reect on the Engagement 3.1 Given your objective of using the analytical procedure to provide most of the assurance needed regarding the Ticket Sales Revenue account for the Reel Wheel, is the estimate developed in 2.3 precise enough, or is more precision needed? Explain. 3.2 Given that much of the data used in your analytical procedure is provided by your client, what additional audit procedures could you supplement this substantive analytic with to provide additional corroborating evidence that these ticket sales actually occurred? 3.3 Assuming the client's controls are effective, how might the auditor use data analytics tools to audit the ticket sales revenue account? How would the evidence obtained using data analytics (i.e., ability to effectively analyze every sales transaction during the year) compare with the evidence from both substantive analytical procedures and tests of details in terms of effectiveness and efficiency? What additional insights might the auditor be able to identify using data analytics? 3.4 Some companies use a third-party service provider to sell tickets to customers and to collect tickets upon entrance into the venue. When performing audits of clients who use these thirdparty service providers, the auditor often relies upon SOC 1 reports provided by CPAs who audited the service provider's internal controls. There are two types of SOC 1 reports, Type I and Type II. Research the AICPA's website and briey explain what a SOC 1 Type II report is. Consider how your approach to auditing the Ticket Sales Revenue account might be different if a third-party ticket provider with a SOC 1 Type II report were providing these services for the client and was therefore the source of the ticket sales data you requested (e.g. number of passengers, ticket prices, seasonality, daytime vs. nighttime rides)