Please solve the question accurately and in details

Hadi Al- Salman is the manager of the audit of A1-Qahtani Holding Group, a public company that manufactures formed steel subassemblies for other manufacturers. Mr. Hadi is planaing the 2022 audit and is considering an appropriate amount for overall financial statemeat materiality to be $899,018 ( $% of its total asset). As a result, and after considering the inherent risks associated with Al-Qahtani's account receivables, Al-Salman has decided to allocate 60% to the account receivables of Alqahtani business as a tolerable misstatement rate. A summary of the financial statement's information is shown below the case. Additional relevant planning information is sananacieclt 1. Al-Qahtani Group has been a client for 4 years, and Mr. Hadi firm has always had a good relationship with the company. Management and the accounting people have always been cooperative, honest, and positive about the audit and financial reporting. No material misstatements were found in the prior years' audits, AL-Salman's firm has monitored the relationship carefully, because when the avdit was obtained, Abdullah Alqahtani, the CEO, had the reputation of being a "high-flyer" and had been through bankruptcy at an earlier time in his career 2. Mr, Abdullah is a controlling manager who makes all the decisions himself. He gives his employees responsibility, but he doesn't give them enough authority. 3. The industry in which Al-Qahtani Holding Group participates has been in a favorable cycle for the past 10 years, and that trend is continuigg in the current year. Industry profits are reasonably favorable, and there are no competitive or other apparent threats on the borizon. 1# 4. Internal controls for Al-Qahtani Holding Group are evaluated as reasonably effective for all cycles but not strong. Although the elint supports the idea of control, Mr. Hadi has been disappointed that management bas contisually rejected his recomanendation to improve its internal asdit function. 5. Al-Qahtani Holding Group bas a contract with its employees that if earnings before taxes, interest expense, and pension cost exceed $7.8 million for the year, an additional contribution must be made to the pension fund equal to 5% of the excess. 5. Al-Qahtani Holding Group has a contract with its employees that if earnings before taxes, interest expense, and pension cost exceed $7.8 million for the year, an additional contribution must be made to the pension fund equal to 5% of the excess. Income Statement Balance Sheet Retained Earnings Statement Instructions: You are to play the role of Mr. Hadi Al-Salman in the 31 Dec. 2022 audit of Al-Qahtani Helding Group. Answer the following questions. 1. Based on the provided information above. Calculate the toletahle, misctatement to be allocated to the account receivable of Al-Qahtani Holding Group and explain the importance of this step in planning your audit. 2. Make an aceeptable audit risk decision for the current year as high, medrum, or low, and support your answer. 3. Perform analytical procedures that can help you evaluate Group Profitability. Liquidity and Solvency. Explain how your findings will impact this year's audit procedures. - Document all information of the analytical procedures you perform and your conclusions. - A minimum of Three financial ratios is acceptable. (i.e., 3 ratios to test the firm's profitability) 4. The evidence-planning worksheet to decide tests of details of balasces for Al-Qahtant holding's accounts receivable is showa below. Use the information in the case and your conclusions in parts 1 through 3 to complete the following rows of the evidence planning workshect: Acceptable audit risk, Inherent risk, control risk and substantive analytical procedures. A1-Qahtani Helding Greup Evidence Planning Werksheet to Decide Tests of Details of Balances for Accounts Recei AbOabtaujholding Group Evidence \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline & Detail tie-in & Exisfence & Completeness & Aceuracy & Classificalion & Cat-ofl & Realizable Value & Rights \\ \hline Acceptable Audit Risk & & & & & & & & \\ \hline Tnherent Risk & & & & & & & & \\ \hline \begin{tabular}{l} Control Risk = \\ Sales \end{tabular} & & & & & & & & \\ \hline \begin{tabular}{l} Control Risk = \\ Canh Receipts \end{tabular} & & & & & & & & \\ \hline \begin{tabular}{l} Controlkisk-Additiona \\ Controls \end{tabular} & & & & & & & & \\ \hline \begin{tabular}{l} Substantive Tests of \\ Transactions - Sales \end{tabular} & & & & & & & & \\ \hline \begin{tabular}{l} Substantive Tests of \\ Transactions - \\ Cash Receipts \end{tabular} & & & & & & & & \\ \hline \begin{tabular}{l} Sabstantive Analytical \\ Precedures \end{tabular} & & & & & & & & \\ \hline \begin{tabular}{l} Pansed Defection Risks \\ for Tet of Details of \\ Balances \end{tabular} & & & & & & & & \\ \hline \begin{tabular}{l} Pansed Andit Evidence \\ for Test of Details of \\ Balances \end{tabular} & & & & & & & & \\ \hline \end{tabular} Planning Worksheet to Decide Tests of Details of Balanees for Aceounts Receivable