You are a partner at a small audit firm. Staff recently completed a review of the internal controls at JBL Pty Ltd, a large proprietary company which is also an audit client. The work was charged at 120% of the usual consulting fees to partially recoup the lower audit fees brought about by a competitive tender. Audit staff implemented all the recommended changes in procedures by updating the company's accounting manual and running a two-hour training session for the accounting staff. As the audit staff have already performed significant work on Expo's internal controls, the audit manager has decided to assess control risk as low and not perform any tests of control. Required A - Identify and professional standards and/or regulatory requirements which have been breached; B - Fully explain the impact of the breach; C - Identify and explain any safeguards that can be implemented to address the breach.