b. Blue Insurance Company Ltd. has appointed Lovejoy and Betty and Co., a firm of chartered accountants, as its new auditors to audit its financial statements for the year 2012. You were engaged as Senior audit assistant of the firm since last year. The audit manager has assigned the checking of the opening balances schedule to the audit team over which you are the team leader. The following are the items on the schedule: o Property and Equipment - 50 million o Computer Hardware - 2 million o Computer Software - 3 million o Accounts Receivable - 10 million o Accounts Payable - 8 million At the briefing meeting, the audit manager asked your team to prepare audit procedures for the audit of the opening balances. Required: Outline the audit procedures that should be used to verify the opening balances of Blue Insurance Company Ltd.