Footloose Footwear Company is currently undergoing an audit by their external auditors, Brightside Auditung Firm. Brightside has been advised by the client's internal auditors if potential problens with the collection and reporting of net receivables, especially with respect to the amount of estimated uncollectible and management's estinate of bad debt expense as listed in the financial statement. which of the following woukd be the most suitable approach for Brightside to take to audit the valuatuon assertion of accounts receivable ?

Perform an audit data analytics procedure to ensure that fraud risk shoul be assessed as high, and perform substantive procedures such as matching receivables and subsequent cash disbursements. Perform an audit data analytics procedure to determine past collection patterns of accounts receivable and subsequently determine the suitability of management's estimates. Allow the internal audit function to handle this part of the audit, as they are more familiar with the company and its collection patterns. Perform a substantive procedure whereby customers and the associated receivables are vouched to ensure existence of the underlying transaction and occurrence of the subsequent payment to Footloose Footwear Company