oblems AP41 (LO 1) Basic Risk assessment Michael has drafted an audit plan for a new client. The client is Countrywide Capers, a party supplies rental business Countrywide Capers earns 80% of its revenue from renting marquees, tables and chairs, lights, and other party equipment and 20% from sales of disposable table ware, utensils, napkins, and tablecloths, Michael's plan shows that audit time is divided to reflect this revenue pattem (that is, 80% of the audit time is spent on the rental business and 20% of the time is spent on the retail business), Michael believes that the significance of the revenue activities should be the only driver of the audit plan because the client has no related parties and has a simple, effective corporate govemance structure. Required What questions would you have for Michael before accepting his audit plan