Mitchell Ltd is a manufacturer and supplier of chemical products. Its factory is located in Auckland with three distribution branches in New Zealand. As part of the financial audit, you are responsible for assessing the company's internal controls over sales cycle. The following errors were detected from tests of controls. 1) There was a failure to approve customer credit before shipping the customer orders. 2) Two sales transactions miss corresponding shipping documents (i.e. delivery note), but the customer orders were found and sales transactions were recorded. Required: For each error detected: a) Discuss which account(s) and assertion(s) that may be misstated? (6 marks) b) Describe two substantive procedures should be performed in response to the possible misstatements? (8 marks) Present your answers for a) and b) as follows. Error 1) 2) a) Account(s) and assertion(s) that maybe misstated b) Substantive Procedures