QUESTION 5 You are the audit manager working for a medium sized audit firm and you have been asked to present the next seminar to the audit members entitled "Audit planning, risk and audit sampling". REQUIRED (a) State, with suitable and relevant examples, the meaning of audit risk and the component parts. (5 marks) (b) Write the section for your presentation clearly identifying the reasons for audit planning, the advantages of audit planning, the link between audit planning & risk and the reason why auditors use sampling as part of the audit process. (15 marks) TOTAL 20 MARKS