Question 2. Audit Planning Assuming all potential threats can be mitigated and Kirby has accepted Cook's Furniture as an audit client. He has asked you to plan for the audit of Cook's Furniture Ltd for the 2020 financial year. You need to produce the audit planning workpaper outlining potential risks in this audit. Your audit planning workpaper must cover the following: (30 marks) a) Identify ten risk factors (conditions) that indicates that the financial statement might be misstated. b) Determine the potential impact of each risk factor on the financial statements or the audit (e.g. which account and assertions might be misstated). c) Determine the audit strategies or procedures that may address the identified risks. Use the following format to present your answer. Identify the risks Potential impact on the financial | Audit strategies or procedures to (facts) (a) statements or the audit. (b) address the risks (c) 2 3 4 etc