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THE FOLLOWING IS A SERIES OF 13 QUESTIONS FOCUSED ON RISK ASSESSMENT, THE AUDIT RISK MODEL AND AUDIT PLANNING. [Answer each question by inserting your ANSWER within the question box] The following is a partial balance sheet an auditor is examining during the planning phase of an audit of the 2019 Land's End financial statements. Land's End Dec 31, 2019 Dec 31, 2018 Statement of Financial Position ($1,000s] Cash $193.405 $ 194,581 Restricted cash 1,948 2,356 Accounts receivable.net 34,549 49,860 Inventories, net 321,905 332,297 Prepaid expenses 56,574 26,659 Total current assets 608.381 606,753 Property and equipment 149,894 136,501 Goodwill 110,000 110,000 Intangible asset 257,000 257,000 Other assets 5,636 13,881 Total assets 1.130.911 1,123,135 Planning Phase Assumptions and Analysis: Assumptions 1: The target maximum acceptable audit risk (AR) for the Land's End audit is 0.08 or 8% risk Assumption 2: The initial, beginning of the audit, estimated risk of material misstatement (RMMJ is 0.22 or 22% risk Assumption 3: The tolerable error (tolerable misstatement for each account within the statement of financial position balance sheet) has been set at $ 10,000,000 for $10,000 in $ 1,000s). Enter your answers in the indicated boxes. Expand the box size as needed). Question 15 pts): What is the detection risk (DR) needed to achieve the target Audit Risk? Question 2 10 pts): Given your calculated level of initial DR, how many audits of 100 clients may have materially misstated financial reports? Question 3 15 pts): Given your calculated initial DR from question 1 and the initial estimated risk of material misstatement for Lands' End, what is the risk that, after the audit is completed, Land's End may have materially misstated financial reports? Accounts of interest: As indicated in the above balance sheet, the audit manager has highlighted two accounts for you to analyze and discuss: Prepaid Expenses Cash Your answers should be based on the trend evidence (the year to year change) indicated in the balance sheet. . Discussion of Prepaid Expenses Evidence: Question 4 15 pts: What type of an account is prepaid expenses? Asset, Liability, Income Statement or Equity Account? Question 5 1 5 pts): The audit risk model ARM) is used during the planning stage. In algebraic form, what are the two formulations of the audit risk model JARM? Question 6: Sa 5 pts): Considering only the 2018 balance sheet evidence, what would be a easonable auditor's expectation for 2019 Prepaid Expenses? b 5 ptsj: Provide your reasons as why your answer to question ba is a easonable auditor's expectation: THE FOLLOWING IS A SERIES OF 13 QUESTIONS FOCUSED ON RISK ASSESSMENT, THE AUDIT RISK MODEL AND AUDIT PLANNING. [Answer each question by inserting your ANSWER within the question box] The following is a partial balance sheet an auditor is examining during the planning phase of an audit of the 2019 Land's End financial statements. Land's End Dec 31, 2019 Dec 31, 2018 Statement of Financial Position ($1,000s] Cash $193.405 $ 194,581 Restricted cash 1,948 2,356 Accounts receivable.net 34,549 49,860 Inventories, net 321,905 332,297 Prepaid expenses 56,574 26,659 Total current assets 608.381 606,753 Property and equipment 149,894 136,501 Goodwill 110,000 110,000 Intangible asset 257,000 257,000 Other assets 5,636 13,881 Total assets 1.130.911 1,123,135 Planning Phase Assumptions and Analysis: Assumptions 1: The target maximum acceptable audit risk (AR) for the Land's End audit is 0.08 or 8% risk Assumption 2: The initial, beginning of the audit, estimated risk of material misstatement (RMMJ is 0.22 or 22% risk Assumption 3: The tolerable error (tolerable misstatement for each account within the statement of financial position balance sheet) has been set at $ 10,000,000 for $10,000 in $ 1,000s). Enter your answers in the indicated boxes. Expand the box size as needed). Question 15 pts): What is the detection risk (DR) needed to achieve the target Audit Risk? Question 2 10 pts): Given your calculated level of initial DR, how many audits of 100 clients may have materially misstated financial reports? Question 3 15 pts): Given your calculated initial DR from question 1 and the initial estimated risk of material misstatement for Lands' End, what is the risk that, after the audit is completed, Land's End may have materially misstated financial reports? Accounts of interest: As indicated in the above balance sheet, the audit manager has highlighted two accounts for you to analyze and discuss: Prepaid Expenses Cash Your answers should be based on the trend evidence (the year to year change) indicated in the balance sheet. . Discussion of Prepaid Expenses Evidence: Question 4 15 pts: What type of an account is prepaid expenses? Asset, Liability, Income Statement or Equity Account? Question 5 1 5 pts): The audit risk model ARM) is used during the planning stage. In algebraic form, what are the two formulations of the audit risk model JARM? Question 6: Sa 5 pts): Considering only the 2018 balance sheet evidence, what would be a easonable auditor's expectation for 2019 Prepaid Expenses? b 5 ptsj: Provide your reasons as why your answer to question ba is a easonable auditor's expectation