QUESTION 5 WYN Limited (trading as Import Warehouse) is an audit client with a 31 March year-end (balance date). As part of your accelerated professional development, your audit engagement partner has asked you to review the following transactions and events that happened after 31 March but before the financial report declaration was made and she signed the audit report (8 June). 10 April: Import Warehouse received a shipment of goods from China that had been sent on 3 January from the supplier's warehouse. Import Warehouse terms of trade with that supplier specify title (ownership) passes on shipment. 20 May: One of Import Warehouse's 15 company-owned outlet stores (each of similar size and inventory holdings) suffered severe storm damage to the building and inventory. Insurance covered the building, but only 40% of the damaged inventory. For each transaction or event, your audit partner has asked you to: a. present your judgement about the type of subsequent event being illustrated and therefore how you would expect the client has treated it in their financial report; (10 mark) b. Indicate two types of audit procedure that should have brought the matter to our attention as audit engagement team members (she requires this in order to include these examples as part of future professional development activities)(20 marks)