You are an audit manager of a local CPA firm CBD & Co. Recently Madison Limited appointed your firm to audit their financial statements for the year ended 31 December 2019 and you are assigned to be in charge of this engagement. During the audit, you identified the following issues in respect of the receipt cycle:

1. (i) cheques received from trade debtors in the subsequent period were recorded as current period receipts; and

2. (ii) no impairment loss on bad and doubtful debts was provided to certain trade debtors long outstanding balances.

   Required:

3. (a) In respect of the receipt cycle, identify the assertion(s) to which the above issues relate and suggest one preventive internal control procedure for each issue.