You are an audit manager in Deal Associates, a firm of Chartered Certified Accountants. Print Co, for which your firm has been doing the audit for the last 5 years, for the year Question 5 (25 marks) You have recently been appointed to carry out a review of the audit working papers for ended 30 June 2018. During the audit, the senior auditor has come across an amount of $ 28,000 owed by Jingle Co to Print Co. and is considered as trade receivables in the draft statement of financial position of Print Co. Upon investigation, the senior auditor is made to understand in a management representation Jingle Co. is controlled by one of the directors of Print Co and that the balance is likely to be received three months after Print Co's year end. However, the senior auditor has gathered a similar management representation at the last year end in relation to the same trade receivables. No disclosure has been made in the financial statements regarding the balance. A further investigation has confirmed that Print Co does not hold any share in Jingle Co. The draft statement of financial position of Print Co as at 30 June 2018 recognised total assets of Rs 410 million compared to Rs 385 million at 30 June 2017 Required: In relation to the trade receivable recognised on the statement of financial of Print Co as at 30 June 2018, comment on the matters you should consider, and the audit procedures that should be carried out. [25 marks) END OF QUESTION PAPER Page 5 of 5