il vodafone AU 4G 12:04 am 96% 1 May 4:24 pm Edit Background You are an audit manager at Oscar Edwards Vance (OEV), an accounting firm with offices throughout regional Australia in major centres such as Bathurst, Goulburn, Coffs Harbour and Armidale in NSW, Warwick in Queensland and Bendigo in Victoria. OEV is a medium-sized auditing firm by national standards and most of its clients operate within the manufacturing and service industries. During early July 2019, you met with the audit senior of OEV, Jack Higgins, to discuss a range of findings related to various clients of OEV. Substantive tests of revenue for Smutz Pty Ltd. Finally, Jack discusses Smutz Pty Ltd - a family business that provides cleaning services in the regional Queensland town of Warwick and its surrounding region. The managing director of Smutz, Nathan, has applied for a loan in order to fund the purchase of new vacuum cleaners, carpet cleaners and commercial vehicles (vans). Before providing the loan, however, the bank has requested an audited financial report and Nathan has approached OEV to perform this service. Jack has performed a preliminary review and has decided to focus on substantive testing. In particular, Jack has been focusing on revenues. Jack notes the following: Nathan normally works around 48 hours per week. Some of this time involves driving between clients so it is not charged to customers. When Nathan is cleaning, he charges a rate of $55 per ur and there is no variation based on what sort of cleaning Nathan is doing. a houses, Nathan is often paid cash in hand. When Nathan is cleaning one of his ss clients however, payment is generally done via electronic funds transfer regular business clients however, payment is de directly to Smutz's bank account. lies chain and provides all d blank receipts and produces Nathan keeps a receipt book that is purchased from an office supplies chain ustomers with a written receipt. The book has prenumbered blank receipts and customers duplicates. Question 5 (5%) An assessment of the substantive tests Jack could perform around the assertions of occurrence, completeness, and accuracy for the revenue of Smutz Pty Ltd