5-31 (OBJECTIVE 5-9) Following are seven audit activities. a. Examine sales transactions for unusually large amounts and compare total monthly sales with those in prior years. b. Understand the unique accounting requirements of the client's industry. c. Combine the information obtained to reach an overall conclusion as to whether the financial statements are fairly presented. d. Test the effectiveness of control by comparing a sample of sales invoices to related shipping documents and customer sales orders. e. Identify whether the accounts receivable exists through direct written communication with the client's customers. f. Identify internal controls and evaluate effectiveness, a process called assessing control risk. g. Use computer software to compare the unit selling price on duplicate sales invoices with an electronic file of approved prices as a test of the accuracy objectives for sales transactions. For each activity listed above, indicate the phase of the audit in which the procedure was likely performed. a. Plan and design an audit approach based on risk assessment procedures (Phase 1). b. Perform tests of controls and substantive tests of transactions (Phase II). c. Perform analytical procedures and tests of details of balances (Phase III). d. Complete the audit and issue an audit report (Phase IV).