You participated in a vacation program at a local audit firm during your semester break. During the vacation program, you assisted an audit senior with planning a medium-sized company, including developing appropriate substantive audit procedures. You have one more semester to postgraduate course and have indicated to the audit manager that you would like to work full-time at the audit firm upon completing your course. The audit manager has asked you to a report to determine your suitability as a candidate for a permanent role in the audit firm. The manager wants to assess your ability to apply the knowledge you gained to the audit planning process, develop appropriate substantive procedures, and develop your report writing skillsbreakdown of marks and achievement criteria by component): 1) Identify 4 business risks of The IDP EDUACTION LIMITED (ASX CODE IEL)Company that will increase the risk of material misstatement (specifically inherent risk) at the assertion level for classes of transactions or account balances. For each business risk, identify only 1 class of transaction or account balance (income statement or balance sheet line item), and for each class of transaction/account balance, please identify the assertion most (only one) at risk of misstatement. You need to explain why each business risk will lead to a risk of misstatement to the specific class of transaction/account balance and assertion you have identified. 2) Describe, in detail, the appropriate substantive procedure that will address each class of transaction or account balance and assertion identified as at risk of material misstatement. The description of procedures must be detailed enough for someone with limited auditing knowledge to carry out the procedures correctly. 3) Additional Requirements: A.