answer all parts

5) Identify the relevant risk the auditor may be concerned about and the relevant assertion that the auditor should design their auditor procedures around, based on the following scenarios: Scenario Example: Your client is looking to go through an IPO and attract investors, who will have an interest in the bottom line of the company's operations Risk Revenue may be overstated. Assertion Occurrence I Your client operates in three different currencies (USD, CAD and EUR) and translates the trial balance for all entities into CAD for consolidation purposes. Your client has a December 31 year-end. They processed the last pay run on December 27 and will capture the remaining 4 days (Dec 10 4.KAR ht Your client has a December 31 year-end. They processed the last pay run on December 27 and will capture the remaining 4 days (Dec 28-31) of payroll in the new year. You are reviewing the customer list of your clients and have identified some suspicious customer names, such as "Duck Duck Goose" and "Minnie and Mickey Mouse". You have identified that there were sales made to these customers during the year per the GL detail, but no cash has been received yet from these customers. Your client has entered into a sales deal with one of their vendors, where the client has purchased spare parts that are used in the production of their operations. It is December 31 and the goods were shipped by the vendor today. Per the contract your client has with their vendor, your client takes possession of the goods FOB Shipping (ie, at the time the goods were shipped) and has 30 days to pay for the spare parts. 1 in the I production of their operations. It is December 31 and the goods were shipped by the vendor today. Per the contract your client has with their vendor, your client takes possession of the goods FOB Shipping (ie, at the time the goods were shipped) and has 30 days to pay for the spare parts. Your client operates in the consignment business, where your client takes inventory from third parties and sells it on behalf of their third party. During your year end inventory count you could not identify what inventory was owned by the client and what was the third parties