c. Noble Co (Noble) is a medium-sized audit firm and is looking to increase its client base and revenue. Hence, Noble has developed a new marketing strategy where it has promised that its audits will take no longer than 15 days to not discupt the client's activities. For new clients, a free accounting service is provided for the first two years of engagement as time spent on audit can be reduced if Noble is producing the financial statements. Noble has proposed to several clients that this year's audit fee will be based on a percentage of their profit before tax. The partners believe this will increase the overall audit fee of the firm. Noble plans to use some junior staffs to audit Superb Co, which is a new client. This will reduce the overall cost of the audit. Additionally, Noble has not contacted Superb's previous auditors. An existing client, Peter Ltd, is one of Noble's biggest clients in terms of fees. The recurring fees from Peter Lrd exceeds 20% of Noble's overall fees. Required: (i)Describe what should Noble consider in relation to Superb prior to accepting the audit engagement. (6 marks) (ii)Identify and explain FOUR (4) ethical risks that may arise from Noble's action and for each risk, explain what should Noble do to reduce those risks. (8 marks) (TOTAL: 25 marks)