QUESTION 3 (6 MARKS) You are the audit senior on MFB Limited (MFB). You have completed your planning for property, plant and equipment and intend to gain reliance from the controls operating within its IT system. The company has a computerised plant and equipment register purchased off the shelf' from a supplier of industry specific software. For each asset, the system provides the following information: Description: 1 2 3 4 5 6 7 8 9 10 11 Asset number (each asset is allocated its own unique identification number) Asset description Acquisition date Cost of Acquisition Basis of Depreciation Depreciation rate Opening accumulated depreciation Depreciation charge Closing accumulated depreciation Proceeds on disposal Profit/(loss) on disposal The audit partner has decided to utilise the firm's generalised audit software (GAS) to assist in the audit of the three significant audit risk areas. Required: With reference to the information provided in the plant and equipment register, complete the table below by (i) Identify two (2) key assertions at risk of material misstatement for the plant and equipment balance. (2 MARKS) (ii) Explain why the assertions identified in (i) above are at risk? (2 MARKS) (iii) Provide details of one (1) Generalised Audit Software (GAS) report to address each assertion at risk. (2 MARKS)