5) Sports Source Inc. (SSI) is a privately owned company that reports under ASPE. The company produces sports jerseys such as hockey and baseball jerseys. This is the first year that SSI has been audited, although the opening balances were already audited during the interim period. Troy Michaels, one of the members of the audit team, has been reading through the interim audit file to develop a basic understanding of SSI's business and industry. Some of the information from a memo related to the accounts payable section includes: SSI has a June 30 year end. During the past year, SSI took out its first-ever bank loan. Blended payments of interest and principal are due on July 31 of each year, for the next six years. SSI's management team requested approval from the board of directors before approaching the bank for a loan. The majority of accounts payable relate to the purchase of blank jerseys (which SSI customizes before reselling). Jerseys are accepted in-person by the receiving department staff, where receipt documents are signed and dated by the receiving staff on hand once quantities are double checked. Those receiving documents are then agreed to invoices received from the suppliers. Statements of outstanding supplier balances are reconciled to the accounts payable balances at the end of each quarter. Payments are made by cheque to suppliers every Tuesday (based on upcoming due dates). Approximately 35% of cheques paid to suppliers are in U.S. dollars. . Most jersey suppliers offer a 15% rebate once SSI purchases more than $80,000 of jerseys from that supplier. Required: a) Provide audit procedures for accounts payable that address the four related assertions. Link each procedure to one or more assertions (8 marks). b) Provide audit procedures for the long-term loan that address the required assertions (4 marks). c) Provide audit procedures for the accrued interest on the loan addressing the required assertions (4 marks)