You are the in-charge audi tor for Mittens inc, a publicly traded company, The company went public last year and this is the second year that you have performed the audi. The company sells mittens both online va credit cards and to targe retallers such ar departmens stores and accessory shops. There are approximately 800 online custamers and 50 retal customers. Last year, there were mary errors and adjustments to the financial statements the management of the company is very focused on growing the compamy and has not had time to develop controls and procedures. Management does not believe in wasting time and effort to put in controls that chey percelve to be administrative and burdemsome. Due to significant turnover, the accounting department now has only 5 employeer. As a result, duties are not segregated and employees perform most of the tasks witheut review or approval. In addition employees woek significant overtime and have not performed tasks such as eash collections and reconciliatoos. Management is strugging to raise debt financing and needs to show good growth and strong financial ration, the mitten industry is slowing down due to the warmer clamate change worldwide and the increase in gove sales. They have chosen aggressive accounting policies to optimepe the companys performance. You are responsble for auditing the accounts recelvable, fevenwes and inventory for the company. Details of select Gl accounts are ksted below: Required a) What auds approach (NOt audit proceduees) would you use to audit revenuts and sccounts recemable and inventory? justify your fesponse (5 marks) b) flased on your answer in part (a), list audit procedures, which are not andylical procedures fanalytictl that you would perform to autht the following th marks) - Revenje + two (t) aude proctdures - Arcounts feceivable i two (2) audit peocedures - Alowance for Doubeful Accounts - tovo (d) auda paocedures - invenories - fwo izi) audit prosedures You are the in-charge audi tor for Mittens inc, a publicly traded company, The company went public last year and this is the second year that you have performed the audi. The company sells mittens both online va credit cards and to targe retallers such ar departmens stores and accessory shops. There are approximately 800 online custamers and 50 retal customers. Last year, there were mary errors and adjustments to the financial statements the management of the company is very focused on growing the compamy and has not had time to develop controls and procedures. Management does not believe in wasting time and effort to put in controls that chey percelve to be administrative and burdemsome. Due to significant turnover, the accounting department now has only 5 employeer. As a result, duties are not segregated and employees perform most of the tasks witheut review or approval. In addition employees woek significant overtime and have not performed tasks such as eash collections and reconciliatoos. Management is strugging to raise debt financing and needs to show good growth and strong financial ration, the mitten industry is slowing down due to the warmer clamate change worldwide and the increase in gove sales. They have chosen aggressive accounting policies to optimepe the companys performance. You are responsble for auditing the accounts recelvable, fevenwes and inventory for the company. Details of select Gl accounts are ksted below: Required a) What auds approach (NOt audit proceduees) would you use to audit revenuts and sccounts recemable and inventory? justify your fesponse (5 marks) b) flased on your answer in part (a), list audit procedures, which are not andylical procedures fanalytictl that you would perform to autht the following th marks) - Revenje + two (t) aude proctdures - Arcounts feceivable i two (2) audit peocedures - Alowance for Doubeful Accounts - tovo (d) auda paocedures - invenories - fwo izi) audit prosedures