Question 4 (7 points) sived) Question A You are asked by Xavier, the audit partner, to perform audit planning for a matnd client in a banking and finance industrv. There have been rumours in social medias that the client has been selling some high-risk financial products without proper authorisations from a government. The client h- icen quiet and never responded to the accusations. Xavier asks you to help with t allowing tasks. (i) Explain two inherent risks for the client. (ii) Assume that control risks are in the same direction as inherent risks. Identify the level of detection risk for the client. (iii) Identify audit strategy for the client. ( 4 marks) Question. E You are auditing Enid Ltd, a publicly listed company. Enid s partial firanciat statements are shown in the followine. During the year 2023, Enid changed the depreciation method from straight line to double declining method. Enid also refinanced its debt with a contractual commitment that requires its debt-to-equity ratio to be at least 1:1 at all times. (i) Calculate a materiality for the year 2023 and explain your reason. (ii) Explain the practical implication of the change in a depreciation method on you as you are auditing Enid