LLAOY STUDENT NAME: 1) a) List the Full Name of each of the components of h Audi Risk Equation and define ewh dlmentt) 40-45 Pts Audit Risk Element AR stands for Description Definition) (1 pt) (1 pt) (1 pt) (1 pt) IR stands for CR stands for: DR stands for b) Calculate DR given: (1.5 points in total) (1 pt) 1) Assume AR= 5%, IR-90%, CR-90% 2) Assume AR-5%, IR = 90%; CR=50% (1 pt) 3) Which situation 1) or 2) involves MORE or SMARTER work for the Auditor?( pt) o) Define the term given to the product of IR x CR and describe how the auditor uses this product to determine the quantity and quality of the work that must be performed. (2 points)