B (58 marks) Answer ALL questions from this section. Question 16 (15 marks) You are planning the audit of the account receivables for ABC Company. The risk assessment for the relevant balance-related assertions in the account receivables are listed below: Balance- Related Assertions Audit Risk Inherent Control Detection Risk Risk Risk Existence Medium Medium Medium (i) Accuracy and Low High Medium (ii) Valuation Classification Medium Low Low (iii) Required: a. Define each of the FOUR identified risks as listed in the columns of the above table. (4 marks) b. List out the answers (i) to (iii) (referring to the above table) regarding detection risk for each balance-related assertions using the terms low, medium, or high. c. Which audit assertion requires the greatest amount of evidence? Why? (6 marks) (3 marks) d. Which audit assertion requires the least amount of evidence? (2 marks)