During your semester break. you participated in a vacation program at a local audit rm. During the vacation program. you assisted an audit senior on the planning of a medium sized company. including developing appropriate substantive audit procedures. You have one more semester to complete your course and are hoping to work on a permanent basis at this audit rm on completion of you course. You sent an email to the audit manager, Ms. Goh, inquiring about the process to apply for a permanent role at the audit rm. Ms. Goh responded through an email which is included in the next page. You are required to respond to Ms. Goh by email, addressing all the issues included in his. Goh's email. Include in-text referencing in your response and a reference list after your response. We appreciate your interest in joining our firm on a permanent basis. The feedback from the audit senior you worked with during your semester break has been very positive. To further determine your suitability for a permanent role, we would like to assess: i. Your ability to apply the knowledge you gained during the vacation program, to the audit planning process and developing appropriate substantive procedures, ii. Your critical thinking, and iii. Your writing skills. To enable us to do the above, please respond to the following, by email: 1) Based on an ASX listed company (name to be provided) (800 words +/- 10%) a) Identify 2 business risks of The Company, that will increase the risk of material misstatement (specifically inherent risk) at the assertion level for classes of transactions or account balances. For each business risk, identify only 1 class of transaction or account balance (income statement or balance sheet line item), and for each class of transaction/account balance please identify the assertion most (only one) at risk of misstatement. You need to explain why each business risk will lead to a risk of misstatement to the specific class of transaction/account balance and assertion that you have identified. b) Describe in detail, the appropriate substantive procedure that will address each of the class of transaction/account balance and assertion identified as at risk of material misstatement. The description of procedures must be detailed enough for a junior auditor to be able to carry out the procedures correctly. 2) "Digital technologies ......... will boost productivity, create jobs .......... and grow the businesses and sectors of tomorrow. We are using technology such as drones, robotics, 3D printing and blockchain now. By 2030 we would expect to see breakthroughs in emerging technologies that are likely to include artificial intelligence (Al), quantum computing, nanotechnology, cognitive science, energy capture and storage, more connected devices through increased penetration of the Internet of Things (loT), and the further advancement of existing technologies with undeveloped potential." (Department of Prime Minister and Cabinet. Australian Government). The above statement with regards to the "Australian Digital Economy" identifies several emerging technologies that is already impacting or is expected to impact businesses. Likewise, emerging technologies has and will continue to have a major impact on audit procedures and the way auditors carry out an audit. You are required to carry out research on these three emerging technologies: Data Analytics, Drone Technology and Distributed Ledger Technology; and discuss how each of these has already impacted and is expected to impact in the future; audit procedures and the way auditors carry out an audit. (1,000 words +/- 10%). We look forward to receiving your response. The next step in the recruitment process will be an interview with one of our Audit Managers. Human resources will notify you if you have been successful in progressing to the next step, approximately 3 weeks from the receipt of your email response. Yours sincerely