7- Financial statement assertions are important to auditors because they should consider audit risk at the assertion level for all significant account balances, transaction classes, and disclosures. Identify and explain the components of audit risk and provide evidence from Annual report of STC. (10 marks) 8- The required understanding of the client is used by the auditors to help plan the audit and to assess the risks of material misstatement at the financial statement and relevant assertion. Describe the nature of the risk assessment procedures that auditors use to obtain an understanding of the client and its environment. Support your discussion from annual report of STC. (10 marks)