Remember to be as concise as possible while still providing complete answers. Use the number of marks allocated to each question to guide how much you should write, i.e., one mark suggests one to two concise, complete, and clear sentences. You can include your answer to each question on this document and submit the document to the Dropbox. Required: Please view the following video that you will locate on YouTube and answer the questions that follow: https://www.youtube.com/watch?v=AXkvEOzHj4M: 'Carson Block Calls Sino-Forest a "Near Total Fraud'. Question 1:3 marks You have learned in AFM 208 the importance of understanding the client's business, environment, financial reporting framework and internal control systems. In addition, you have learned the importance of acting ethically as a CPA member and student. In your opinion, what do you think caused the failure of the audit of Sino-Forest? Provide at least three (3) reasons considering two (2) failures in obtaining the proper understanding per the CAS and one (1) failure from an ethical perspective. Support your answer. 3 marks Question 2:3 marks Based on the video we learn that Sino-Forest sold timber and held timber holdings as its main asset. You learn other relevant information in the video that you should refer to when answering the question below: Do you think the auditor should have set detection risk (remember the Audit Risk Model - AR = IR x CR x DR) at high, medium or low. Provide an explanation as to why you set the detection risk as high, medium, or low. Your response should discuss all three components, that is inherent risk, control risk and detection risk. In other words, explain how you arrived at your conclusion by expanding on each risk. 3 marks