i would like help with part 3 of the question. i have completed part 1 and part 2 and i will attach my answers for part 1 and 2

Assignment aims This assignment is designed to consolidate your learning of the key skills and knowledge needed when facing a financial report audit of a company, and how to analyse, research and pinpoint facets of the company that require auditing attention. Background For the purposes of this assignment, you are to imagine that you work as Audit Manager for a company called Amazing Accountants. Your new audit client is a listed company in Australian or Singapore Stock Exchange your choice). The client has asked you to perform their financial report audit for the financial year ended 31 December 2020. Part 1 Question Research information about your audit client and its industry. Your report will form part of the overall understanding ofac your audit client's structure and its environment. You should concentrate your research on providing findings from those areas that have a financial reporting impact. In conducting your research, you should consider any FIVE (5) of the following key market forces, as they relate to your audit client's operations. 1. General and industry-specific economic trends and conditions 2. Competitive environment 3. Product information 4. Customer information 5. Supplier information 6. Technological advances and the effect of the internet 7. Laws and regulatory requirements. Glossary View Glossary (if necessarv) to confirm your understanding of key audit terminologies. Company selected Abacus Property Group, Industry - Real Estate. The audit report credentials and facts from Audit manager: From its financial report which includes its summary of operations, financial statements and Director's report, it can be stated that 1. General and industry-specific economic trends and conditions: Real estate norms has new regulations recently, Implementation of new and modified regulation are in process and on papers. Moreover the company is focusing on sale and resale project while industry from last 7 years is leading in leasing business. The return on investment in the industry is improving since 2015 and decline quarterly in 2016 and 2018. While the company's return on investment steeply declines. Cash flow from operations in the industry in increasing while investing is decreasing which can forecast a recession in real estate 2. Competitive Environment Around Australian Continent, there are almost 70 major real estate corporations which are considered as competitor for Abacus. The major findings by competitor's research and development are an increasing threat. But, according to the director of company "Abacus has refined it strategic direction giving prominence to sectors where we have a clear competitive advantage" (Director's report). The company and marketing team is increasing its focus on self-storage and office markets, as competition increases there with a potential growth 3. Product Information: The building materials prices are rising so the construction prices too, which increase the real estate product's inflation. Residential construction project has lost its pace from last 4 vears while warehousing has earned. Real estate market Focus English (Singapore) Assignment aims This assignment is designed to consolidate your learning of the key skills and knowledge needed when facing a financial report audit of a company, and how to analyse, research and pinpoint facets of the company that require auditing attention. Background For the purposes of this assignment, you are to imagine that you work as Audit Manager for a company called Amazing Accountants. Your new audit client is a listed company in Australian or Singapore Stock Exchange your choice). The client has asked you to perform their financial report audit for the financial year ended 31 December 2020. Part 3 Question Identify or assume TWO (2) high level/detective internal controls and propose a control test for each control in ANY of the following processes. . . Cash receipt and payment Sales and accounts receivables Purchase and accounts payables Inventory and Cost of goods sold Payrolls Non-current assets and Depreciation Glossary View Glossary (if necessary) to confirm your understanding of key audit terminologies. Submission Assignment aims This assignment is designed to consolidate your learning of the key skills and knowledge needed when facing a financial report audit of a company, and how to analyse, research and pinpoint facets of the company that require auditing attention. Background For the purposes of this assignment, you are to imagine that you work as Audit Manager for a company called Amazing Accountants. Your new audit client is a listed company in Australian or Singapore Stock Exchange (your choice). The client has asked you to perform their financial report audit for the financial year ended 31 December 2020. Part 2 Question Review the last audited financial statements and identify and justify FIVE (5) specific areas you think they should receive special emphasis during your audit? Normal Aa Bb CODE No Spacing ARIA Heading 1 Heading 2 Title Subtitle 1. Revenue Finance Income Revenue is recognised as interest accrues. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate. Sale of inventory revenue from property development sales is recognised when the significant risks, rewards of ownership and effective control has been transferred to the purchaser which has been determined to occur upon settlement and after contractual duties are completed. 2. Loan receivables Abacus maintains a range of interest-bearing loans and borrowings. The sources of funding are spread over a number of counterparties and the terms of the instruments are negotiated to achieve a balance between capital availability and cost of debt Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Cash and cash equivalents comprise cash balances and call deposits. 3. Credit risk Credit risk is the risk of financial loss to the Fund if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Fund's receivables from bonds and deposits on the subdivisions of the land. Given the nature of the receivables, credit risk is considered to be low. Notwithstanding this, the receivable balances are monitored on an ongoing basis with the result that the Fund's exposure to bad debts is not significant