Nin, who is the audit engagement partner for the audit of Pippin Company, was having an argument with the client's representative. he discussion transpired due to a misunderstanding regarding the term reasonable assurance as the client interpreted it as providing guarantee that financial statements are free from all errors and misstatements. The client is asking Win what are the reasons why only reasonable assurance can be attained. What should Win provide as the most appropriate explanation? The audit team cannot provide absolute assurance as this will be a risk on the audit firm's reputation if later on a material misstatement is discovered. Absolute assurance is currently not attainable based on the fee agreed for this engagement though amenable upon further discussion of the fee. Absolute assurance cannot be attained as the audit is time bound and they are not in a position to audit 100% of Pippin's accounts and transactions. The audit team cannot provide an absolute assurance because the auditors are expected to commit mistakes when conducting the audit