You have recently been appointed auditor of Bloom Ltd ('Bloom'). You are currently in the process of planning their year end audit for the year ended 31st December 2020 prior to a meeting with the audit partner next week. The company supply high end cameras to several retail outlets in the UK, sourcing most of their products from Germany where they are produced. Individual stock items are purchased in Euros from the supplier in Germany and typically cost Bloom from 20 to as much as 1,500 per item. Stock counts are made once a month using a perpetual inventory system at each of Bloom's 8 warehouses across the UK, with the monthly stock sheets being sent electronically to the central finance function through the year. All purchases are made by the central finance team, while goods are sent directly to the warehouse locations. Sales are agreed with high street stores under block contract agreements, usually of 6 to 12 months, under which Bloom has the exclusive rights to supply certain branded models. The finance team at Bloom recognise this revenue as the cash is received. All contracts are on a 'sale or return' basis with an initial lump sum payment followed by a balancing payment (or charge) to Bloom. Required: a) Explain the key audit assertion(s) that you would have to consider when designing an audit test for the revenue balance, and discuss how significant this financial statement line item will be to the audit. (8 marks) b) Describe and explain one audit procedure that would give comfort over the existence of inventory and one audit procedure that would give comfort over the completeness of inventory, making some consideration of how you would pick your samples. (9 marks) c) Describe the key internal controls you would expect to see over Bloom's purchasing and supplier payment processes. (8 marks