Part III. Substantive Tests for Revenue and Account Receivables, 15 points (5 points each) One of your audit clients manufactures finishing boat and sells them all over the country. Boats are sold to dealers who finance their purchases on a floor-plan basis with their banks. The banks usually pay your client within two weeks of shipment. The company's profits have been increasing over the past several years. You have obtained the following information related to your 2018 audit ($ in millions): Major Competitor (2018 unaudited) 2018 2017* 2016* 2015* 2014* 6.8 84.7 3.3 77.9 2.3 56.8 1.8 43.6 1.7 39.8 4.2 110.3 Accounts Receivable Sales Allowance for doubtful Accounts Gross Profit % Number of days Sales in Receivables 0.16 17% 0.11 18% .09 17% .09 18% 0.19 21% 19% 29 16 15 16 16 14 *Audited Required: a. From the data above, identify potential risk areas and explain why they represent potentia risks. b. What follow-up audit procedures might be performed to determine whether the data of account receivable, sales, and allowance for doubtful accounts, respectively, are not materially misstated? c. What alternative procedures could consider performing when replies to the confirmation requests are not received