A number of CPA firms use materials supplied by other organizations as assistance in performing audit work. Ultimately, the engagement has to be performed in accordance with auditing standards or the firm could be accused of performing in a negligent manner. This assignment is to compare ASB-CX-3.1: Understanding the Entity and Identifying Risks (see attached materials) to AU-C Section 315: Understanding Entity and its Environment and Assessing the Risks of Material Misstatement (Access from the AICPA's web site). After explaining the purpose of your report in an introductory paragraph, briefly (no more than a couple of paragraphs provide an overview of each of the documents. Contrast #10 "Industry conditions"; and, #11 "Regulatory and other External Factors" of ASB-CX-3.1 to AU-C Section 315. What paragraphs in AU-C section 315 should be considered? Is the content of ASB-CX-3.1 items #10 and #11 consistent with AU-C section 315? If not, identify any procedures (no more than two) which are included in Au-C section 315 but not on ASB-CX-3.1. What would you advise any personnel in a public accounting firm doing an audit on a non-public entity