You work as the audit manager for MS Auditing. ABC Ltd's Finance Director contacted you after attending a webinar on the importance of corporate governance and internal controls in business success. ABC Ltd. offered an assurance engagement to evaluate their organization's risk management and internal control system. Besides that, he quoted from the webinar that, "Auditors are required to assess risks of material misstatement by developing an understanding of the business risks of an audit client". Required: a. Define the terms risk of material misstatement and business risk. b. How does business risk relate to material misstatement risk? c. Discuss the issues you should think about before accepting an audit client. (5 marks) (4 marks) (6 marks)