(v) Kings Pty. Limited has been manufacturing uniforms for the Australian market for the last 40 years. The government's recent tariff reduction policy has placed Kings in direct competition with cheaper uniforms manufactured overseas. In a bid to retain market share, Kings has been selling part of its school uniform range at less than cost. However, overall profit figures remain buoyant. [4 marks] Required: For each of the above independent situations describe the overall impact on audit risk and identify the specific component(s) of audit risk affected. [20 marks]