a. Describe the reasons why is it necessary to have independent audits? (8 Marks) b. You are an audit manager in HB & Co., a firm of Chartered Certified Accountants. You are preparing the engagement letter for the audit of Youth Berhad, a public limited liability company for the year ending 30 June 2020. Sunrise has grown rapidly over the past few years and now is one of your firm's most important clients. Youth Berhad has been an audit client for nine years and HB & Co firm has provided audit, taxation and management consultancy advice during this time. The client has been satisfied with the services provided although the taxation fee for the period to 31 December 2019 remains unpaid. Audit personnel available for this year's audit are most of the staff from last years, including Ms. Jenny, an audit partner and Mr. Shafiq, an audit senior. Ms. Jenny has been the audit partner since Ancient became an audit client. You are aware that Rebecca, the daughter of Ms. Jenny recently has been appointed the financial director at Youth Berhad. To celebrate her new appointment, Rebecca has suggested taking all of the audit staff out to an expensive restaurant prior to the start of the audit work for this year. REQUIRED: Identify and explain at least THREE (3) risks to independence arising in carrying out your audit of Youth Berhad for the year ending 30 June 2020 and suggest ways of mitigating each of the risks you identify (12 Marks)