Case Study: ABC Corporation is a medium-sized manufacturing company. They recently underwent a change in management and are preparing for their annual financ al audit. The company's audit committee is responsible for overseeing the audit process, and they have engaged an external audit firm, XYZ Auditors, to conduct the audit. In the audit planning phase, XYZ Auditors are reviewing the company's internal controls, risk assessment, and audit strategy. The audit committee is actively involved in this process and collaborates with the auditor's to ensure a thorough and effective audit. The audit committee is particularly concerned about the risk of fraud and wants to implement rigorous measures to detect and prevent fraudulent activities. They have requested that the auditors focus on assessing the company's anti-fraud controls and their effectiveness. Question 1: Discuss the importance of the audit planning phase in the overall audit process. Explain the key objectives and activities that auditors typically perform during the planning phase, and how these activities contribute to a successful audit. Question 2: Considering the audit committee's focus on fraud prevention and detection, describe the main responsibilities of auditors in assessing anti-fraud controls within an organization. What specific procedures and techniques can auditors use to evaluate the effectiveness of these controls? Provide examples to illustrate your points