Required: (a) Briefly explain the implications of business risk for auditors. Maximum 150 words. Required: (b) What impact do inherent risk and control risk have on the auditors' work? Maximum 100 words. Michael Healey Jewelers You are the auditor of Michael Healey Jewelers. As part of your procedures to understand the entity you ask the CEO, Richard Hill, a few questions. You are particularly interested in what he has to say about inventory. He admits that this year has been especially difficult, not only due to the lockdown situation but also due to some nave management decisions made before that period. Despite the business being able to access the wage subsidy he is concerned about whether the company will survive. Richard stated that the purchasing department procured a new range of rings that were overpriced by the supplier and he is unsure if the business will be able to sell them in the current environment. He also admits that the inventory stock take was not well supervised and that they used inexperienced people to count and value the inventory. He ended the conversation in a hushed tone and suggested that you should treat inventory as a low risk item