Th following pictures are from Alpine Cupcakes. Could you please answer the questions number 2 and 4. It is under the assingment of Risk Assessment Modules. Thanks.

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Alpine Cupcakes, Inc. Audit Case Assignments your work, you are examining and evaluating the audit evidence and documentatio Alpine Cupcakes, Inc. for the 20X2 Introduction The risk assessment module focuses on several important assessment procedures. On objectives of this module is to have you review and gain a better understanding of pretimi of the procedures. Through reviewing these documents, you will see real world audit work opportunity to assess the auditors' performance of the required procedures. In additi to consider Alpine Cupcake's overall financial statement risk and the account level risk workpapers. The audit workpapers also include audit documentation on the auditor calculations and overall risk assessment of inherent risk, control risk, and detection module, you will gain a better understanding of the auditors' considerations of client risk a assessment affects the audit main you will be able as you review the nd how this Learning Objectives: The goal of this procedures. After performance of the module, you will be able to: 1. Assess the auditors' documentation of their understanding of the client's environment, including module is to enable you to understand the auditors' audit planning and risk assessment internal controls Review and evaluate the auditors' materiality threshold calculations. 2. 3. Understand and apply the audit risk model 4. Review and evaluate the auditors' preliminary analytical procedures. Evaluate the auditors' documentation of their risk assessment procedures. 6. Conduct research on auditing standards for audits of nonpublic companies. Assignment: Before beginning the assignment, take a moment to look through the papers in this module. Note in the lower left-hand corner that some documents are audit work papers created by Garcia and Foster CPAs as they conducted the audit. Note that other papers are client documents that Garcia and Foster collected and kept in support of their audit. Finally, note the numbering system in the lower right-hand corner of each page and how each paper within the audit is numbered and linked back to the audit program In this part of your assignment, you will examine the firm's audit documentation in relation to the auditors performance on several risk assessment procedures. Please complete the following tasks Q1. R esearch, cite, and summarize (in one or two sentences per standard identified) the auditing standards as they relate to the auditors' responsibilities in the following areas a. Obtai ning and documenting an understanding of the client's environment, including internal controls b. Materiality assessment in planning and performing the audit. The audit risk model c. d. Preliminary analytical procedures. Q2. Evaluate Garcia and Foster's documentation of their understanding of the client's environment (workpaper B.2.1.) Describe any problems you find and provide suggestions for improvemern question relates to Step 2 of the Garcia and Foster Audit Plan Q3. Review Garcia and Foster's calculations of materiality thresholds for the 20X2 Audit (workpaper B.2.1.) Determine if the auditors correctly applied the materiality concept in their risk assessment procedures. Describe any problems you find and provide suggestions for improvement. This question relates to Step 2 of the Garcia and Foster Audit Plan Q4. Evaluate other aspects of the Audit Risk Assessment memo (workpaper B.2.1.) In particular, review the auditors' application of the audit risk model and brainstorming processes. Describe any problems you find and provide suggestions for improvement. Identify and document any additional problems you discover with the memo. This question relates to Step 3 of the Garcia and Foster Audit Pla Case Assignment: Pg. pg. 2 of 5 Alpine Cupcakes, Inc. Audit Case Assignments your work, you are examining and evaluating the audit evidence and documentatio Alpine Cupcakes, Inc. for the 20X2 Introduction The risk assessment module focuses on several important assessment procedures. On objectives of this module is to have you review and gain a better understanding of pretimi of the procedures. Through reviewing these documents, you will see real world audit work opportunity to assess the auditors' performance of the required procedures. In additi to consider Alpine Cupcake's overall financial statement risk and the account level risk workpapers. The audit workpapers also include audit documentation on the auditor calculations and overall risk assessment of inherent risk, control risk, and detection module, you will gain a better understanding of the auditors' considerations of client risk a assessment affects the audit main you will be able as you review the nd how this Learning Objectives: The goal of this procedures. After performance of the module, you will be able to: 1. Assess the auditors' documentation of their understanding of the client's environment, including module is to enable you to understand the auditors' audit planning and risk assessment internal controls Review and evaluate the auditors' materiality threshold calculations. 2. 3. Understand and apply the audit risk model 4. Review and evaluate the auditors' preliminary analytical procedures. Evaluate the auditors' documentation of their risk assessment procedures. 6. Conduct research on auditing standards for audits of nonpublic companies. Assignment: Before beginning the assignment, take a moment to look through the papers in this module. Note in the lower left-hand corner that some documents are audit work papers created by Garcia and Foster CPAs as they conducted the audit. Note that other papers are client documents that Garcia and Foster collected and kept in support of their audit. Finally, note the numbering system in the lower right-hand corner of each page and how each paper within the audit is numbered and linked back to the audit program In this part of your assignment, you will examine the firm's audit documentation in relation to the auditors performance on several risk assessment procedures. Please complete the following tasks Q1. R esearch, cite, and summarize (in one or two sentences per standard identified) the auditing standards as they relate to the auditors' responsibilities in the following areas a. Obtai ning and documenting an understanding of the client's environment, including internal controls b. Materiality assessment in planning and performing the audit. The audit risk model c. d. Preliminary analytical procedures. Q2. Evaluate Garcia and Foster's documentation of their understanding of the client's environment (workpaper B.2.1.) Describe any problems you find and provide suggestions for improvemern question relates to Step 2 of the Garcia and Foster Audit Plan Q3. Review Garcia and Foster's calculations of materiality thresholds for the 20X2 Audit (workpaper B.2.1.) Determine if the auditors correctly applied the materiality concept in their risk assessment procedures. Describe any problems you find and provide suggestions for improvement. This question relates to Step 2 of the Garcia and Foster Audit Plan Q4. Evaluate other aspects of the Audit Risk Assessment memo (workpaper B.2.1.) In particular, review the auditors' application of the audit risk model and brainstorming processes. Describe any problems you find and provide suggestions for improvement. Identify and document any additional problems you discover with the memo. This question relates to Step 3 of the Garcia and Foster Audit Pla Case Assignment: Pg. pg. 2 of 5