Substantive Analytical Procedures You have been selected to audit football ticket revenues for the 2020 Championship State University (CSU) football season. Because CSU handles its own tickets, you cannot rely on internal counts of sold tickets to estimate ticket revenue. However, you do know all of the following facts: For the 2020 Football Season, unaudited ticket revenues are reported as $26,600,000. For the 2019 Football Season, total ticket sales were $18,900,000. Ticket prices for 2019 were $54 per ticket. During the 2019 season, there were 5 home games, 4 of which were in-conference games (average attendance 75,000) and 1 non-conference game against a smaller school opponent (attendance 50,000). CSU's Stadium has a capacity of 88,300. Your supervisor believes that this amount absolutely must be overstated due to the large increase, and he asks you to audit ticket revenues. Tolerable misstatement is set at $500,000 for this procedure. You realize that doing detailed tests of ticket sales would be cost prohibitive. You decide to perform analytical procedures on the reported revenues as a substantive procedure. You gather the following information: . During the 2020 season, CSU had 7 home football games. 2 of these games were non-conference games against a smaller school opponent, 4 were in-conference games, and the final game was against the the school's biggest rival, which always sells out. You anticipate that average attendance at other games will be similar to comparable games from 2019. Ticket prices were increased to $56 for the 2020 season. Required: a. Estimate 2020 season ticket revenue for Championship State University football. Total estimated ticket revenue b. Based on your estimate, do you believe that ticket revenues are fairly stated in all material respects? O Yes O No c. The facts stated that you chose to use this analytical procedure as substantive audit evidence. Do Generally Accepted Auditing Standards allow you to use analytical procedures as substantive evidence? O Yes O No