Suppose you are part of an audit team that is auditing Adelphi University. Your audit team is working on the fiscal year ending December 31,2022 . The audit the audit firm is now focusing on the audit of revenue from this season's home soccer games. While planning the audit of sales of soccer tickets, you noticed that in prior years, many hours were spent auditing revenue. Thus, you pointed out that perhaps the firm could apply analytical procedures to evaluate whether it appears that revenue account is properly stated. You noted that information for a typical home game could be used to estimate revenues for the entire season. The home soccer season consisted of seven home games - one against a nationally ranked powerhouse, Beta University, and six games against conference opponents. One of these conference games was Adelphi's in-state archrival, Northern University. All these were day games except for the game against a conference opponent, Walden University. The auditor team will base the estimate of revenue on the game played against Kramer College, a conference opponent. The following concerning that game is available: Total attendance 24,000 (stadium capacity 40,000 - the stadium can be used for both football and soccer games) The attendance figure includes the 500 free seats described below, and the 24,000 figure should be used as a basis for all further calculations. Ticket prices: Box seats $12 per ticket End zone seats $8 per ticket Upper - deck seats $5 per ticket At the game against Kramer College, the total attendance was allocated among the different seats as follows: Box seats 70% : End zone seats 20% : Upper - deck seats 10% Based on the information obtained in prior year audits, the following assumptions are made to assist in the estimation of revenue for all the games: Attendance for the Beta University game was expected to be 30% higher than total attendance for an average game, with the mix of seats purchased expected to be the same as for regular game; however, tickets are priced 20% higher than for a normal game- The game against Northern University was expected to draw 20% more fans than a normal game, with 75% of these extra fans buying box sets and the other 25% purchasing upper - deck seats. To make up for the extra costs associated with the night game, ticket prices were increased by 10% each; however, attendance was also expected to be 5 percent lower than for normal game, with each type of seating suffering a 5 percent decline. At every game, 500 box seats are given away free to players' family and friends. This number is expected to be the same for all home games except for night games, which also experience the same 5 percent reduction as general admission. REQUIRED: Based on the information above develop an expectation for the ticket revenue for the seven home soccer games. Show your work by developing a working paper (i.e., a spreadsheet) that provides the revenue estimate for each game. The book value of soccer ticket revenue is $2,200,000. Is the difference between your estimate and reported ticket revenue large enough to prompt further consideration? Why or why not? If further consideration is warranted, provide possible explanations for the difference between estimated and actual soccer ticket revenue. What evidence could you gather to verify each of your expectations? Under what conditions are substantive analytical procedures likely to be effective in a situation such as that described in this scenario