Question 5 a) As part of the strategy for auditing Cash, your team has decided to do both test of controls as well as substantive procedures on your audit client, Cubix Ltd. Your audit manager has asked you to reperform the bank reconciliation as at the 30 September 2021. You were able to verify the following information: Balance per bank statement: $123,976,000 Deposits in transit: $23,862,000 Outstanding cheques: $121,432,000 Cheque for another customer debited to Cubix Ltd account: $2,500,000 Bank charges: $244,000 Cubix Ltd customer cheque returned by the bank: $7,670.000 Balance per General Ledger: $36,820,000 Required (i) Draft the re-performed bank reconciliation for Cubix Ltd as at 30 September 2021. (4 marks) (ii) Use tick marks and provide an appropriate legend to demonstrate the substantive produces you expect to be performed on the reconciliation prepared in (i), assuming all items are material. (4 marks) b) A junior team member has documented the following as part of their understanding of the revenue and receivables (R&R) system: Mask Unlimited is a wholesale distributor of face masks. Customers make orders online. The orders are reviewed by a sales representative who checks to ensure that the customer is within their credit limit before the order is released to the warehouse for processing. The released order is sent to the accounts department where an accounts receivable clerk updates the debtor subledger. Customers usually make payment via direct deposit to Mask Unlimited bank account. Required As the audit senior, describe and explain the internal controls you expect to see around the collection of payment at Mask Unlimited. (4 marks)