Consider the following material and independent situations below: Situation 1 You are auditing the sales and trade receivables of Grande Fiesta Ltd (GF). All of GF's customers are in South America. Due to language differences and the current political situation in many countries, direct confirmation of receivables' balances is unlikely to give satisfactory results. Situation 2 You are auditing the purchases and trade payables at Tortoise Shell Ltd (TS). One of TS's overseas suppliers is very slow in sending invoices for goods delivered. Also, owing to a quality control problem, a large number of goods supplied to TS have been deemed faulty and have had to be returned to the supplier with a request for credit. Required: (a) For each of the situations (1) and (2) above, identify two (2) key audit assertions at risk in relation to the balances described. (4 marks) (b) Describe two (2) substantive audit procedures you would perform in order to obtain sufficient appropriate audit evidence to address each audit assertion identified in part (a). (8 marks) [Total: 12 marks]