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Universe Studios Sentiasa is a theme park licensed from a majorBollywood studio. Customers pay a fixed fee to enter the park wherethey can participate in a variety of activities such as ridingroller-coasters, playing on slides and purchasing themed souvenirsfrom gift shops.

Customers purchase tickets to enter the theme park from ticketoffices located outside the park. Tickets are only valid on the dayof purchase. Adults and children are chargedthe same price foradmission to the park. Tickets are preprinted and stored in eachticket office. Tickets are purchased using either cash or creditcards. Each ticket has a number comprising of two elements - twodigits relating to the ticket office followed by six digits toidentify the ticket. The last six digits are in ascendingsequential order.All cash ticket sales are recorded on a computershowing the amount of each sale and the number of tickets issued.This information is transferred electronically to the accountsoffice. Cash is collected regularly from each ticket office by twosecurity guards. The cash is then counted by two accounts clerksand banked on a daily basis. The total cash from each ticket officeis agreed to the sales information that has been transferred fromeach office. Total cash received is then recorded in the cash book,and then the general ledger.

The park also accepts Visa and Mastercard. Payments by credit cardsare authorised online as the customers purchase their tickets.Computers in each ticket office record the sales information, whichis transferred electronically to the accounts office. Credit cardsales are recorded for each credit card company in a receivablesledger. When payment is received from the credit card companies,the accounts clerks agree the total sales values to the amountsreceived from the credit card companies, less the commissionpayable to those companies. The receivables ledger is updated withthe payments received. You are now commencing the planning of theannual audit of Universe Studios Sentiasa .

Required

(a) Identify four (4) risks that could affect the assertion ofcompleteness of sales and cash receipts. [12 marks] (b) Discuss theextent to which substantive procedures could be used to confirm theassertion of completeness of income in Universe Studios Sentiasa.[6 marks] (c) Provide any four (4) substantive analyticalprocedures that can be used to give assurance on the total incomefrom ticket sales for one day in Universe Studios Sentiasa. [12marks]