Risk Acquisition and Payment Cycle Some misstatements Sales and Collection Cycle Few misstatements Capital Acquisition and Repayment Cycle Many misstatements Misstatement Expectation High effectiveness High effectiveness Low effectiveness Inherent Risk Level Internal Control Effective- ness Control Risk Level Acceptable Audit Risk Assessment Acceptable Audit Risk Level Planned Detection Risk Planned Audit Evidences Low willingness Low willingness Low willingness a. Fill in the blanks for planned detection risk and planned evidence using the terms low, medium, or high (30 points, 2 points per each cell) b. Please explain the meaning of "Acceptable Audit Risk Level" being "high" (20 Points, 150 words minimum)