Q1 (5 marks) You are an audit assistant currently involved in the audit of XYZ Ltd, an Australian manufacturing company for the year 2019-20. The audit manager has assigned you with the task of auditing the plant and equipment account. According to the audit manager: Any acquisition or retirement of plant and equipment has to be approved by XYZ management, and XYZ depreciates plant and equipment @10% per annum using the straight line method of depreciation. The audit manager also gave you the following guidelines: 1. Obtain from XYZ: a. A schedule of plant and equipment account, b. A schedule of depreciation, and C. Any other information considered necessary. 2. Rely on substantive testing for the audit of plant and equipment account. 3. Risk of material misstatement is assessed to be high for the existence, completeness and valuation assertions. i. Required: Identify the other information' that you need to obtain from management to assist in your substantive testing. ii. Design substantive tests (i.e. audit procedures) that may be undertaken to test each of three assertions identified to be of high risk - existence, completeness and valuation