You are auditing Quick Technologies Inc. (QTI). QTI is a manufacturer of various computer technologies and focuses on bringing new technologies to market. QTI has approximately 4,000 customers (some with multiple locations). On average, QTI sells its inventory every 45 days; it takes approximately 33 days to collect receivables. QTI has also experienced a high degree of competitiveness and technological obsolescence. After talking with various warehouse personnel, you have learned that in order to reduce inventory levels on some products, the company has changed its terms of sale for those products. There are rumors that for some items, QTI has given some customers a 90-day period during which they may return merchandise if they are unable to sell it.

1What account and assertions are being investigated?

2Explain how AI and machine learning might be applied in the audit of QTI.