Question 5 (14 marks - approximately 24 minutes) You are an audit senior responsible for understanding the entity and its environment and assessing the risk of material misstatements for the audit of Tai Hing for the year ending 31 December 2009. Tai Hing is a company listed on a stock exchange. Tai Hing is engaged in the wholesale import, manufacture and distribution of basic cosmetics and toiletries for sale to a wide range of stores, under a variety of different brand names. You have worked on the audit of this client for several years as an audit junior. Required: Describe the information you will seek, and procedures you will perform in order to understand the entity and its environment and assess risk for the audit of Tai Hing for the year ending 31 December 2009. (14 marks)