elow are six situations that involve the audit risk model as it is used for planning audit evidencerequirements in the audit of inventory. Situation RiskAcceptable audit riskInherent riskControl riskPlanned detection riskPlanned evidenceREQUIRED 1HighLowLow2HighHighLow3LowHighHigh4LowLowHigh5HighMediumMedium6 Medium Medium Medium aExplain what 'low', 'medium' and 'high' mean for each of the four risk s and the implications for planned evidence. bFill in the blanks for planned detection risk and planned evidence using the term 'lo w', 'medium' or 'high'. cUsing your knowledge of the relationships between the foregoing factors, state the effect on plannedevidence (increase or decrease) of changing each of the following four factors, while the other three remain constant: (1)an increase in acceptable audit risk (2)an increase in control risk (3)an increase in planned detection risk (4)an increase in inherent risk (5)an increase in inherent risk and a decrease in control risk of the same amount.