QUESTION 1 [TOTAL MARKS: 25) Vender Limited is a widget manufacturing business located in Moylish, Limerick. The business was set up in 2020 by Jim and Rose Vender who are the only shareholders. The accounts are prepared by Rose Vender using 'Excel'. Both Jim and Rose have the authority to sign cheques indivually. Both directors of Vender Limited pay themselves a lower-than-average monthly salary and at year end recelve a bonus from the business based on sales achieved during the year. I Your audit firm has just been appointed as auditors to Vender Limited. The audit firm has little experience of auditing a company in this type of industry. Although the senior partners see this as an opportunity to acquire other clients in the widget industry and have agreed to a minimum audit fee. Vender Limited has always had a high turnover of staff and you suspect this may be due to the hands-on and low-cost approach of the directors. On the plus side, the business has seen increased growth in the past number of years and has hopes for more improved performances in the future. Requirement: Describe the audit risks relating to Vender Limited under the following headings. Inherent risk, Control risk and Detection risk