ACCT3101 Auditing 20182 Case Study Assignment It is 20th May 2018. You are an audit senior in the accounting rm ADG Partners. You are currently planning the audit for BlueCircie Chemicals Ltd for their balance date of 30 June 2018. You have been given the following documents: 0 Memo from the audit engagement partner Kate Jones dated 17\"l May 2018. 0 Extract from the April 2018 issue of Business Review. 0 Extract from the audit working paper for the previous year's audit for BlueCircie Chemicais Ltd. Required (1) Assess acceptable audit risk for the audit of BlueCircie Chemicals Ltd. (4 marks) Audit risk: Material misstatement, Reason E E. Competence,Siil'j'j''flj'iajL fraud Internal control: (2) For the completeness assertion of the purchases account, answer the following questions in accordance with the Australian Auditing Standards. You need to perform your analysis using the facts in the case study. a) Assess inherent risk. (10 marks)