Q1: [1 marks) You are auditing the 2020 financial statements of ABC Co. a wholesaler trading company. A lockdown has been enforced due to covid-19 pandemic. For the Transaction Cycles: A- Revenue/Sales Cycle. B- Purchase/Disbursement Cycle..... 1. What Key Audit Matters to be considered due to the incident? consider the Audit Risk Assessment process. 2. Describe the Internal control aspects to be understood and test? 3. Substantive procedures to be performed? 4- How can the lockdown affects going concern issue? You are expected to make appropriate: assumptions, explanations & Justifications in your answers. Q1: [1 marks) You are auditing the 2020 financial statements of ABC Co. a wholesaler trading company. A lockdown has been enforced due to covid-19 pandemic. For the Transaction Cycles: A- Revenue/Sales Cycle. B- Purchase/Disbursement Cycle.... 1. What Key Audit Matters to be considered due to the incident? consider the Audit Risk Assessment process. 2- Describe the Internal control aspects to be understood and test? 3. Substantive procedures to be performed? 4- How can the lockdown affects going concern issue? You are expected to make appropriate: assumptions, explanations & Justifications in your answers