QUESTION 3 - 40 POINTS a. Please fill the highlighted cells with given data, estimate the "planned detection risk" and "planned audit evidences". (1 point each per cell) Risk Sales and Collection Cycle Acquisition and Payment Cycle Payroll and Personnel Cycle Inventory and Warehousing Cycle Capital Acquisition and Repayment Cycle Many misstatements Few misstatements Many misstatements Some misstatements Some misstatements Low effectiveness High effectiveness High effectiveness Medium effectiveness Low effectiveness Misstatement Expectation Inherent Risk Level Internal Control Effectiveness Control Risk Level Acceptable Audit Risk Assessment Acceptable Audit Risk Level Planned Detection Risk Planned Audit Evidences Low willingness Low willingness Low willingness Low willingness Low willingness Please submit the following question to the Turnitin. b. Regarding the planned detection risk and planned audit evidences you estimated, which cycles will become the easiest and the hardest to audit? Please explain with your own examples. (10 points) c. How will the planned detection risk affect the auditor's workload during the audit process? Please explain with your own examples. (5 points) QUESTION 3 - 40 POINTS a. Please fill the highlighted cells with given data, estimate the "planned detection risk" and "planned audit evidences". (1 point each per cell) Risk Sales and Collection Cycle Acquisition and Payment Cycle Payroll and Personnel Cycle Inventory and Warehousing Cycle Capital Acquisition and Repayment Cycle Many misstatements Few misstatements Many misstatements Some misstatements Some misstatements Low effectiveness High effectiveness High effectiveness Medium effectiveness Low effectiveness Misstatement Expectation Inherent Risk Level Internal Control Effectiveness Control Risk Level Acceptable Audit Risk Assessment Acceptable Audit Risk Level Planned Detection Risk Planned Audit Evidences Low willingness Low willingness Low willingness Low willingness Low willingness Please submit the following question to the Turnitin. b. Regarding the planned detection risk and planned audit evidences you estimated, which cycles will become the easiest and the hardest to audit? Please explain with your own examples. (10 points) c. How will the planned detection risk affect the auditor's workload during the audit process? Please explain with your own examples. (5 points)