Below are eight independent risk factors: 1. There are no restrictions on warehouse access and the client does not perform stock count annually. 2. The company's shares are privatized. 3. The auditor has identified some material misstatements during prior year audit engagement. 4. The client is one of the industry's largest based on its size and market share. 5. The client engages in several material transactions with entities owned by family members of several of the client's senior executives. 6. Recent economic downturn has made some of the client's customers in business operation and financial problems as they are in the industry seriously affected. 7. The company has decreased the staff number at the Accounting department to cut costs. 8. The audit team comprised of inexperienced and newly joined audit staff. Identify which of the following audit risk model components relates most directly to each of the eight risk factors: *Acceptable audit risk * Control risk *Inherent risk * Planned detection risk Assess the suitable level of risk for the audit risk model component and level of planned evidence needed using "High, medium, Low" with explanation