Identify at least two threats to independence that would prevent Dhaliwal from accepting GGI as an audit client. Discuss how each threat could affect independence and how, if at all, Dhaliwal can mitigate each threat. 2. Since GGI has not had a formal controller for the last three months, Jean-Pierre is eager to have the financial statement audit completed, as he believes the audit will verify that the financial statements are 100% accurate. Discuss whether Jean-Pierre's comment that the objective of the audit is to verify that the financial statements are 100% accurate is correct. If it is not correct, what can the auditor do to clarify the objectives of the audit? 3. Perform the planning analytical review for the financial statements of GGI, analyzing the key changes for four accounts. Include all supporting calculations. Based on the results of this review and on case facts, identify which audit assertion is of the highest concern and why it is a concern. Hint: Ensure that you annualize the balances from September 30, 20X6, in order to perform your analysis. 4. Determine the overall materiality for the year-end audit, comparing to the initial assessment prepared by Liling. 5. Provide an assessment of the inherent risk and control risk of the GGI audit, and support your analysis with at least four factors. Based on the inherent risk and control risk assessment, determine whether the overall risk of material misstatement should be assessed as low or high. 6. Identify at least six internal control weaknesses present at GGI, noting the implication of each weakness and your recommendations for improvement.