You are a graduate accountant with Yorkshire \& Stafford, a small auditing firm located in Balwyn, an eastern suburb of Melbourne, Victoria. You have been assigned to the audit of a new client, Maya Mart, for the year ended 30th June 2023. Maya Mart is a Surrey Hills-based wholesaler offering for sale everything from baby food and beverages, to snacks and vegetables, and everything in between. You are planning the audit of accounts payable, where preparatory work has revealed the following: - Maya Mart purchases its stock from a list of approved suppliers, with purchase orders processed electronically through a business-to-business ecommerce system. This system uses a fast chain model of supply, with suppliers electronically transmitting their invoices as soon as they receive a purchase order from Maya Mart. The ordered goods usually arrive within a week or two of placing the order. Once received, a goods received note is raised and matched with the supplier's invoice, and the payment authorized. You are concerned about the impact weaknesses in this process might have on the existence assertion. - A key control to safeguard the accuracy, valuation and allocation assertion, is the use of key entry validation - an IT control whereby the Number of Units Purchased is multiplied by the Unit Cost, and compared with the Total Cost as per the supplier's invoice. - As is always the case with accounts payable and purchases, you are have flagged the need to investigate the risk associated with the completeness assertion. Required: In a group of 2 students (this is your Audit Team)* you are required to demonstrate: an understanding of (selected) assertions related to accounts payable; the ability to develop visualizations that succinctly communicate anomalies found; an understanding of follow up required during the main audit. i. Explanation of the 'existence' assertion as it relates to Maya Mart: In this section: - Clearly explain what is meant by 'existence' of accounts payable (in your own words); - discuss what would put the 'existence' of accounts payable 'at risk' - ie. What are you looking for in the Maya Mart data file; What is driving your data interrogation etc... ii. Visualisation of data anomaly pertaining to the 'existence' of accounts payable: In this section you are required to: - Present a sinqle professional visualization that clearly communicates the anomaly you have found relating to the 'existence' of accounts payable at Maya Mart. The visualization must: - Correctly relate to the 'existence' assertion; - Clearly communicate the discovered, relevant anomaly; > Please ask someone NOT enrolled in Auditing to tell you what the visualization is 'saying' to them. - Not be in raw data format (eg. a screen shop from Excel); - Have a title and other relevant, helpful labels; - Provide a written explanation of the anomaly found (with reference to the visualization provided), clearly explaining why/how it relates to the 'existence' of accounts payable at Maya Mart. iii. Discussion of follow-up required to further investigate 'existence' of accounts payable: In this section: - Discuss what additional work/focus would be appropriate (during the main audit evidence gathering phase) in order to learn more about the circumstances surrounding the anomaly