14 10 points Lernout & Hausple Group (L&H) was the world's leading provider of speech and written language technology products, solutions, and services to businesses and individuals worldwide. Both Microsoft and Intel Invested millions in L&H. However, accounting scandals and fraud allegations sent the company's stock crashing and forced the firm to seek bankruptcy Belgium and the United States. The following selected Information pertains to L&H's sales and accounts receivable (read and understand carefully 1-Consolidated revenue for the group Increased 184% from the 1997 fiscal year to the 1998 fiscal year. 2- Revenue in South Korea, which has a reputation as a difficult market for foreign companies to enter, increased from 397,000 in the first quarter of 1999 t approximately $59 million in the first quarter of 2000. 3- In the second quarter of 2000, sales grew by 104% but accounts receivable grew by 128% 4- Average days outstanding for accounts receivables increased from 138 days in 1998 to 160 days for the six-month period ended June 30, 2000. Required: Answer the following in an organized order and remember that management assertions are classified into two categories: a. Based on the above information, which assertion for sales should the auditor be most concerned with (ie., which assertions are at risk of MM)? explain. Why? Think carefully of the assertion you select. If you give irrelevant assertion you lose the marks allocated (3 marks) b. Based on the above information, which assertion(s) for accounts receivable should the auditor be most concerned with (Le, which assertions are at risk of MM)? explain Why? Think carefully of the assertion you select. If you give irrelevant assertion you lose the marks allocated (3 marks) c. What audit procedures and evidence should the auditor gather to verify those specific assertion(s) for sales and accounts receivable that you mentioned in (a) and (b)? Be specific as to how each type of evidence relates to the assertions you mentioned in parts (a) and (b) of this question. (4 marks)