Question 3 (20 marks) You are an audit partner with Peter Lim & Associates. Your client Monterrey Ltd has requested that you: (0) Provide an oral (verbal) report to Monterrey's bank that the company has complied with the bank loan conditions. (ii) Identify new risks that arise from a changing business environment due to the global pandemic. (iii) Prepare a report providing a written opinion addressed to management indicating whether the annual financial statements give a true and fair view in accordance with International Financial Reporting Standards. (iv) Prepare a report providing a written opinion addressed to World Business Council for Sustainability indicating whether the company's greenhouse gas emission confirms with the required standards. Required: (a) For each of the services (i) to (iv) above, indicate if it is an assurance engagement. Explain your answers briefly. (10 marks) (b) Describe the FIVE (5) elements of an assurance engagement. (10 marks) MRLE