use ASA sections (Australian Auditing Standards: https://www.auasb.gov.au/Pronouncements/Australian-Auditing-Standards.aspx ) to answer the following questions:

You are an Audit Senior currently planning the 30 June 20X9 audits of Comp Limited (Comp), Malth Limited (Health) and Nowe Limited (Nows). At recently scheduled planning meetings with Comp, Health and Nows, you obtain the following overview of this year's operations for each of the tice client companies: Comp is a manufacturer of computer hardware. The old costing system that was developed in- house, could no longer keep up with the complex and detailed manufacturing costing process that provides tender/bid submission costings and the company's comprehensive reporting requirements. As a result, Comp purchased and installed a popular off the shelf (not customized) costing system to support the highly sophisticated and cost sensitive nature of its product designs. Since this system had been utilised by many other firms in the industry, Comp has not thoroughly tested the adequacy of the features and controls inherent within the system. At the same time, the staffs are not feeling confident with the new system due to lack of training and supervision. Staff are also concerned that data might be lost when converting to the new system. Required: Prepare a memorandum to the audit manager, outlining your risk assessments relating to Comp, Havs. When making your risk assessments: (a) Identify and discuss the risks that may arise from each of the above companies. In your explanation, please mention the components of the audit risk model affected. (b) Identify how the audit plan will be affected and recommend specific audit procedures to address these risks