i) ISA 315 Identifying and Assessing the Risks of Material Misstatement identifies Audit risk and business risk as the two major elements of total risk. Required: Differentiate Audit risk from business risk (5 marks) ii) The audit firm of PWC evaluates the risk of material misstatement by disaggregating the total risk into its main components and sub components as indicated below 1) Inherent risk, 2)Control risk, 3) Detection risk 4) Operational risk,5)Finance risk and 6)Compliance risk. Required: For each of the scenarios below, select the component of risk that is most directly illustrated. The components may be used once, more than once, or not at all. Also suggest the effect on the financial statement and how the auditor might mitigate the risk (you may present your answer in the format below)(20 marks)