Questlon E- (7 marks) John is the owner of a small manufacturing company. In prior years, your rm has conducted a review engagement of the company. However, this year, John obtained a loan from the federal business development bank, and is required to have an audit of his f'ulancial statements. 1When you started asking about controls and procedures at the company, John got pretty upset. "All you need to be concerned about is the numbers! Why are you asking all of these questions? It takes too much time away from my staff to answer these questions! Just check the numbers and let us get on with our work! " You calmed him down a bit, and reminded him about the general discussion that occurred with the engagement letter. You invited him for coffee to briey explain the following items: Why auditors are both i.) Concerned about internal controls and ii.) Required to audit internal controls. {3 marks}