This question relates to general auditing principles 1. You are an audit partner with the firm of FALZON & Partners. You overhear one of your unit suits slant. theonersain untas of audit tests in Accounts Receivable 10 a 'If control risk and inherent risk are high, then planned detection risk must be set at a low level. Accordingly, if planned detection risk is low, the risk of error is low and we must reduce the extent of audit testing on Accounts Receivable and Doubtful Debts at year end. We can only do this, however, if we undertake detailed tests of controls for sales transactions so that we can properly assess the control risk. Analytical procedures will also not be required because of the low planned detection risk.' Required: Critically evaluate the above statements in terms of each element in the audit risk model. Give reasons why you agree or disagree with the audit senior's statements