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You are the audit senior working on audit of reef building supplies limited, a large supplier of building materials, for the year ended 30 June 2020. While completing your risk assessment for RBS, you know that the company appears to have a significant debt recovery problem. The majority of RBS's account receivable were outstanding for more then 60 days. RBS's provision for doubtful debts is calculated at 1% of accounts receivable at the month end. In the previous two financial years, RBS's wrote off $760000 and $105000 worth of accounts receivable, respectively. In those years sales were $7000000 and $11200000 respectively.
Problem 1: Describe the substantive procedures you will carry out at year end in order to obtain sufficient audit evidence regarding the assertions of valuation and existence in relation to accounts receivable ?
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