b) Bingo & Co is a firm of certified public accountants in public practice. In planning the audit engagements, the managing partner of Bingo & Co noted the different level of risks of Company A to D in the following table: Acceptable Audit risk Inherent risk Control risk Risk of material misstatements Required level of evidence High Low Low Company B High Low High Low High High D Low High Low Base on the audit risk model, determine the level of risk of material misstatements and the required level of evidence in planning the audit for Company A to Dabove. (8 marks) c) Below are two clients of Bingo & Co: Client 1: A private company Bingo & Co has audited for many years and only minor misstatements were found occasionally. However, it has very limited number of staff and sales invoices were sent out to customers without any review. Client 2: A listed company which engages in several material transactions with entities owned by family members of several of the client's senior executives. Bingo & Co. found that the company's staff did not follow strictly the company's procedures on stock taking at year end. Determine which Company (A-D) in part (b) fits the descriptions of Client 1 and Client 2 respectively. Explain briefly the reasons based on the risk analysis. (8 marks)