5.20 Chic Fashions Ltd is a national retail chain with stores located throughout Australia. Chic Fashions specialises in expensive women's summer clothing. The garments are designed in Australia and manufactured in China from Europeansourced fabrics. The availabilityr of competitor products on lowprice internet shopping sites. combined with the relativelv high Australian dollar. has resufted in several fashion houses closing down. This industrv-wide decline in sales has resulted in continuing cash flow problems for Chic Fashions. Required identilr and explain four industryspecific factors that are important when gaining an understanding of the entitv and its environment to assess the nature of the risks for the audit of Chic Fashions