Can someone help me fill this out please. There are no missing information and the information needed for the question is down below.

Tasty Beef Ltd Audit Memo Company Background Prepared by: Dale Smith Date: 13 June 2021 Tasty Eeef Ltd is a Brisbane-based beef producer publicly listed on ASK. Its business involves sales and marketing of high-quality branded beef into global markets as well as production of beef including breading, backgrounding, feed letting and processing of cattle. TEL also owns three large pastoral properties in Queensland. Its operating prots increased to $45 million om $31 million in the past year, thanks to reduced costs and an increase in meat prices as well as government IobKeeper subsidies. Market TEL has a premium branding strategy: its sells Wagyu and Angus beef to top restaurants and consumers around the world. However, this strategy has not been working particularly well since the CDVJD pandemic. Many top restaurants are shutting down and the remaining ones are struggling to keep their doors open. In addition, trade tensions with China leading to shutdowns of some abattoirs used by TEL in late 202D. As a result, TEL's beef exports to China dropped from 15 \"/6 of its total sales in 202!) to E % in the 211121 nancial year. However, TEL sees stronger demand from North America, where the sales to the North American market increased from 6 \"A\": in 2(120 to 12% in 2021. Eeef price is currently at a high level globally. Argentina went as far as banning beef experts for 30 days in May 2021 because prices spiked in the South American nation. However, industry insiders predicted meat sales and live cattle sales would drop in the next 12 months. The trial balance also includes a $64 million increase in the \"fair value\" of livestock compared to last year, which TEL suggests is driven by the higher market price in the period. In the 2021 nancial year, the marketing executive, John Fisher, led a successful social media marketing campaign. It involves using 34 social media inuencers to help enhance the brand, through reviews on YouTube and posts on Instagram. No remuneration is paid to these inuencers, but they are provided with free products. Production TEL sees a low production level in 2021 nancial year. This can be attributable to 1} the lower levels of cattle stock because of drought and ooding in 2019 and 2020; and 2) the company's conscious decision to reduce herd numbers in response to market uncertainties. The production manager also reports a lower than usual calf birth rate in the 2021 nancial year, which could affect the fair value of livestock in the coming years.2 Government JobKeeper Subsidy To address potential job loss during CDVID, the Federal Government provided Australian businesses with IobKeeper wages subsidy until 28 March 2021. TEL received $2 million in Jobkeeper payments from March 2020 to September 2020 but reported an operating prot for both 2021 and 2020 nancial years. "While other major companies, such as Harvey Norman, repaid their Jobkeeper to the government, TEL refused to return the amount. At press conferences, TEL's CEO, David Lambe, did not want to answer any question related to the subsidies. The engagement partner warned the audit team that any statement 'om David should be considered \"with a large pinch of salt\". Executive remuneration David Lambe was appointed TEL's CEO in 2014 and since then has led a successful campaign to get into the Chinese market. His remuneration has three components: xed salary, short- term bonus and long-term incentive plan. In 2020 nancial year, David and his senior management team received no short-term bonuses in an effort to save operation cost. In 2021 fmancial year, however, it is expected that the board will approve a bonus 00% of the base salary to the executive team as the company has achieved the $45 million prot target. Related Party Transactions TurfN Things, a company owned by David Lambe's family trust and directly controiled by him, ordered halfa million dollars' worth of beef from TEL in May 202 1. Further investigation shows that those beef are yet to be delivered by 30 June 2021, but the sales have been booked on 15 June 2021. Past ltsstatements This is the fth year KPhaIJ auditing TEL. While a large percentage of TEL's assets are in livestock and cattle stations, which are subject to fair value assessment and involves judgement and estimates. In the audit of the 2020 nancial year, KPMI found TEL's fair value estimate of livestock was too optimistic and determined the livestock account being materially overstated by $3 million. This misstatement was later adjusted by the client. Tasty Beef Limited Audit Memo on Internal Controls Prepared by: Dale Smith Date: 13 June 221 TEL's internal controls were elfective in the past four financial years. In addition to the internal controls identied in the previous audits, we note the following internal control-related events in the 202i financial year. 0 TEL's CFO, David Smith, resigned mAugust 2tl2t]| and a few members of the nance team left with him, including the nancial controller, Kim Carson. While a new CFO, Michael Eooth, was recruited in November 2020 and started immediately, he admitted he is still on a steep learning curve when interviewed by the engagement partner, John Lyon. From August to November 220, most staff from the sales team worked from home as a result of CGVD] lockdowns. While the sales system can be accessed online, the credit manager, John Williams, complained that he was often dropped off the system when giving credit approvals to both new and existing customers. TEL's employees received several emails impersonating TEL suppliers and asking employees to wire money overseas. While there is nothing new about email scams, with many staff working from home, it is harder to identify some of the scams. As a result, the IT department sent several emails alerting staff about scams. In February 2021, Debbie Stone, an accountant left the company for alternative employment. Her responsibility at TEL included performing bank reconciliation to identify and account for differences between the bank statement {issued by the bank} and the client's cash account. By 15 June 211121, the company has not found a replacement for her and the bank reconciliation is currently performed by Jenny Jefferey, a first-year accountant already overloaded with work. In July 2021'}, TEL purchased facial masks for employees. However, several boxes of the masks were diverted off the back of the delivery truck and become lost. In September 202D, the senior management team approved extension of credit terms for all customers by 23 days. The management team get together monthly to conclude a risk assessment process to determine how to address business risks, especially emerging risks related to the market and the supply chain. They also meet if events change rapidly during the pandemic. In response to the work from home practice, TEL adopted a simplied approval process for purchases in July 2021'}, where any transaction below $201] do not need formal approval. Tasty Beef Ltd Control Risk Assessment for Sales and Collection Cycle 30/6/2021 Schedule C-1 Date: Prepared by: [Your Name] Reviewed by: Internal Controls Affecting Sales and Discuss Impact on Sales and Collection Cycle Collection Cycle Accountings, Control Risk Assessment (Increase/Decrease Control Risk) and, if any, Potential Misstatement