The auditor's client company operates a small chain of tourist hotels in Singapore. Which of the following inherent and business risks is likely to have the most impact on the company's HR management process in the current period? Group of answer choices During the past two years, about a dozen new hotels have started operations in the central and business districts. Demographic changes have resulted in an ageing population. The Ministry of Manpower has maintained its policy regarding the ratio of foreign to local employees. The economic downturn has made it more difficult for fresh university graduates to find permanent jobs