Audit procedures Sally, the first-year trainee auditor, was allocated the following substantive audit procedures to perform during the audit. a) Send a bank confirmation letter to ABC Bank to confirm the bank account balance included in the accounting records of Fantasy World at 31 December 2020. b) Attend the year-end inventory count of Fantasy World and trace a selection of inventory items from the floor to the inventory listing at 31 December 2020. C) Inspect the delivery trucks' registration documents to check whether they belong to Fantasy World d) Obtain the list of investments and agree the amounts included in the investment schedule to the external investment statements at 31 December 2020. Materiality Materiality for the financial statements as a whole was calculated by the engagement partner as R400 000. At the end of the audit the total amount of misstatements identified by the audit team amounted to R560 000 The management of Fantasy World informed the engagement partner that they refuse to correct any of the misstatements identified during the audit