On your first day of internship in an audit firm, the firm manager wants to test your knowledge about auditing in order to place you in appropriate position. The trainees who have better knowledge are placed with qualified auditors and paid handsome amount of stipends. Internees with poor knowledge are placed with the senior internees to help in the file work at office. He asked you to give him in writing the audit risk model, definition of each of its components indicating their expected relationship. He also asked you to discuss the purpose and limitations of the model. This is a good chance for you to write in detail an impressive report answering his questions to get a better placement