Background You are an experienced auditor at a reputable audit firm, tasked with conducting an audit of ABC Corporation, a large manufacturing company in the automotive industry. ABC Corporation's primary focus is on producing high-quality automobile components for various stakeholders, including shareholders, customers, and suppliers. Your audit engagement requires a thorough assessment of the company's financial statements to ensure they are free from material misstatement. ABC Corporation has recently undergone a change in its senior management team, which has raised concerns about the effectiveness of its internal controls and corporate governance. As part of your audit plan, you need to consider the role of substantive procedures and tests of controls in this context. Required: a) Explain the concept of substantive procedures and their significance in the audit process, particularly in the context of corporate governance and financial statement auditing. (10 marks) b) Describe the purpose and importance of conducting tests of controls in an audit highlighting how they contribute to the overall assurance regarding the financi statements' reliability. (10 marks)