1. Using the minutes provided , identify and describe SIX audit risks , and explain the auditor's response to each risk , in planning the audit of Nicolas Drinks Inc . (12 marks) 2. Describe substantive procedures the audit team should perform to obtain sufficient and appropriate audit evidence in relation to the following three matters : (i) The treatment of the $5 million expenditure incurred on improving the factory production process ; (ii) The release of the $1.5 million allowance for receivables; and (iii) The damaged inventory