The audit team has noted that no asset has been recognised on the statement of nancial position of Glits}t in relation to this intellectual propertyr {1P}. Prestige's management has been advised that this IP has the potential to be both a material and valuable asset. Required: {at} Assume that following the acquisition of Glitsy {and in accordance with M53 3 Business combination}, Prestige bought the IP to account in its nancial statements. Identify' the two key assertions most at risk in relation to the IP account balance. (b) Provide a comprehensive explanation as to why each of the assertions you identified in (a) above is at risk. {e} Describe a practical substantive procedure to address the risks you outlined in (b) above. QUESTION 4 [4+3+3+15= 25 marks) Consider the following independent material scenarios. Assume that all entities involved have a year end of 30 June 2011. {a} You are the auditor of the Strong Group. Although you did not act as auditor of Delicate Pt}; Ltd, Sturdy Pty Ltd or Hardy Trading Trust {all entities owned by Strong Ltd.), you were able to obtain copies of their unqualified auditor's report. However, despite having