You are in charge of the audit of New Venture Limited (NV). Before this year, NV sold its products locally. This year, NV expends its business overseas. overseas customers, being new clients, are granted 30 days more credit than the usual 30 days for existing customers. In addition, NV also sells a new line of products locally. This new line consists of high fashionable items that are sold on consignment to a designated agent. At the end of every month, the agent is paid commission fees on the items sold. You ask your manager to identify the effects of the changes of NV's operations on audit risk and procedures. Required: (a) Discuss the likely audit risk on sales, accounts receivable, inventories and other related areas. 4 (8 marks) (b) Suppose you are performing analytical procedures, what do you expect on the inventory turnover, accounts receivable turnover and gross margin as compared with last year