I need your help for my Homework. You don't need to write an essay. You just point out answers for the questions listed in part A and part B. Thanks.

Accounting Auditing (ACCTG 5510) CASE 3 - Receivables and Payables (20 Points) CASE 1 is due via Canvas before the start of class on the assigned due date. Work in your assigned groups - individual submissions will not be accepted. PART A - RECEIVABLES (10 points) You are in the process of auditing Canyon, Inc., a manufacturer. Canyon has trade accounts receivable balances from hundreds of the Company's active customers. The outstanding A/R balance at year end is $4,555,220. According to professional standards, how should you audit accounts receivable (i.e. - what test work will you perform)? What assertions are relevant to auditing the accounts receivable balance? What audit procedures are you going to perform to adequately cover those objectives? Explain the basis for your responses. PART B - PAYABLES (10 points) You are in the process of auditing SnowDancer, LLC as of and for the year ended December 31, 2015 (it is now March 2016). SnowDancer has an accounts payable balance of $2,450,725 in the general ledger as of 12/31/15. You foot the 12/31/2015 accounts payable ledger by vendor getting a total of $2,903,529. As the auditor, what steps would need to be taken at this point? What assertions would you be concerned about? Assuming the client corrects the G/L balance and provides a corrected report, you then proceed with test work. Your audit program for this area requires you to obtain the cash disbursements journal for the period subsequent to year-end through the last day of field work using a performance materiality of $300,000 and an audit misstatement posting threshold of $20,000. Upon making selections for those transactions from the C/D journal, you note that $670,740 in subsequent payments for goods and services related to 2015 that were recorded as payables as of December 31, 2015. You find $328,200 in subsequent payments for goods and services related to 2016 that were recorded in 2016. You also find $210,190 in subsequent payments for goods and services related to 2015 that were recorded in 2016. What assertions should you consider relevant to audit SnowDancer's accounts payable balance? What would be the audit response to the results of the procedures performed? Explain the basis for your responses. Guide for Case 3: Your discussion of these situations should focus on your substantive audit testing procedures, with references to the applicable auditing standards. The paper should have a professional appearance and include specific references to professional literature (primarily AU-C). Your paper will need to be more conceptual since there are not enough specific details and information to actually \"solve\" the differences noted in accounts payable. Focus more on procedures and approach of what you would do and why