You are a seasoned auditor working for a reputable audit firm. Your firm has been engaged to audit the financial statements of ABC Electronics, a medium-sized technology company. The audit engagement requires careful planning to ensure the audit is conducted efrieiently and effectively. During the audit planning phases, you encounter several challenging situations that require you to apply your knowledge of audit planning principles and ethical considerations. Required: Please answer the following questions based on the audit planning phases: Risk Assessment and Client Acceptance phase Additional supporting information: ABC Electronics is a new client for your audit firm. During the client acceptance phase, what key factors and information should your firm consider before accepting this engagement? (10 marks) Materiality Determination phase Discuss why materiality is a critical consideration in audit planning and the potent consequences of setting materiality too high or too low. (10 marks)