High Medium Low High Lowest Lower Medium Inherent Risk Medium Lower Medium Higher Low Medium High Highest There is an inverse relationship between the ORA and detection risk (DR). Required (Spreadsheet tab Task 3 identifies six financial statement accounts and related assertions assessed as being at risk for Noyers Ltd. Note that the control risk for these accounts/assertions has already been assessed by other members of the audit engagement team as indicated in spreadsheet tab Task 3.) a. From the information that you have available to you about Noyers Ltd, assess the inherent risk for each of these five account/assertions (high, medium or low). b. Justify your assessment of the inherent risk level for each of the five account/assertions. C. Applying the qualitative audit risk model described above, determine overall risk assessment for each account/assertion and then determine the acceptable level of detection risk