END OF QUESTION 3 Question 4 (this question has four parts, (a), (b), (c) and (d)) (10 marks) Your team is performing the final audit of EDB, a retailer of bathroom supplies. You are currently working on accounts payable. Over the last couple of weeks, you performed test of controls on the accounts payable cycle. Results of your control tests confirmed the accounts payable controls are effective. Your audit manager has asked you to perform the substantive procedures for accounts payable. Required: ) Explain how the results of control tests can affect the auditor's choice of audit strategy (2 marks) b) How would you assess accounts payable control risk (CR) at EDB? Explain your answer. (2 marks) con 4 (Continued) Question 4 (Continued) c) Explain why the auditor performs substantive procedures, even when the auditor assesses the controls to be effective. (2 marks) ) Your audit team member, Jo plans perform the substantive procedure below to address the completeness assertion of inventory purchases. 'Select a sample of credit purchases recorded in the inventory ledger and ensure each purchase entry is supported by a signed purchase order and a signed goods received note You have determined that this proposed procedure does not provide evidence supporting the completeness of inventory purchases. Required: 1. Provide the correct assertion that is addressed by the audit procedure. (2 marks) ii. Provide two (2) audit procedures which address the completeness assertion of payable. (2 marks) accounts OF QUESTION 4