Alpha is an audit and assurance firm which has recently accepted the audit of XYZ. During the planning of the audit, engagement manager has noted the following information regarding XYZ for consideration in the risk assessment of the assignment: XYZ is a listed company operating in the financial services sector XYZ has a large network of subsidiaries, associates and foreign branches The company does not have an internal audit department and its audit committee does not include any members with a background in finance as suggested in the corporate governance guidelines It is the firm's policy to keep the overall audit risk below 10% If inherent risk and control risk are assumed to be 60% each. Required Describe the factors that affect acceptable audit risk and inherent audit risk? (10 marks)