One of your audit clients is ABC Company, a large public company with effective internal controls of Sales, Cash Receipts and Accounts Receivable. They are financially stable on the whole but preliminary analytical procedures and knowledge of economic conditions have raised concerns about Accounts Receivable collectability. You are having discussions with management about the adequacy of the Allowance for Doubtful Accounts. 1. What balance-related audit objective are you most concerned about? 2. What specific procedures related to Accounts Receivable would you do to alleviate your concerns? 3. What is your assessment of Control Risk (high, medium, low) for the following? Type in your answer beside each (H, M, L is fine) Sales: Cash Receipts: Accounts Receivable: 4. What is your planned level of testing of the following (Extensive, Medium, Small) of the following? Again, type in your answer beside each, E, M or S is fine. Sales and Cash Receipts: Tests of Controls: Substantive Tests of Transactions: Substantive Analytical Procedures: Substantive Tests of Details of Balances: Accounts Receivable: Tests of Controls: Substantive Tests of Transactions: Substantive Analytical Procedures: Substantive Tests of Details of Balances: