Assume that you have been hired by Margaritaville CPA, as a new staff assistant. Jimmy Buffett the managing partner of Margaritaville informs you that his approach to audits has always been to not test controls and perform every substantive procedure he believes is necessary. However, he has recently read an article in the journal of account and see about audit risk model. While reading the article he compiled some notes, but since then he cannot read the audit risk equation and some of the words he has asked you to fill in the blanks since you learned all about audit risk model in your auditing class