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Question 3 (15 Marks) Rina, the owner of a small company, asked Hanan, a CPA, to conduct an audit of the company's records. Rina told Hanan that an audit was to be completed in time to submit audited nancial statements to a bank as part of a loan application. Hanan immediater accepted the engagement and agreed to provide an auditor's report within 3 weeks. Rina agreed to pay Hanan a xed fee plus a bonus if the loan was granted. Hanan hired two accounting students to conduct the audit and spent several hours telling them exactly what to do. Hanan told the students not to spend time reviewing internal controls but instead to concentrate on proving the mathematical accuracy of the ledger accounts and summarizing the data in the accounting records that support Rina's nancial statements. The students followed Hanan's instructions and after 2 weeks gave Holmes the nancial statements, which did not include footnotes. Hanan reviewed the statements and prepared an unqualied auditor's report. The report did not refer to generally accepted accounting principles or to the consistent application of such principles. Required: Briey describe each of the principles underlying AICPA auditing standards and indicate how the action(s) of Holmes resulted in a failure to comply with each principle. Organize your answer as follows No Brief Description of Principle Rina's Actions Resulting in Failure to Comply with the Principle