1. Please read the instruction document to answer the requir
1. Please read the instruction document to answer the required five questions below and follow the format. ? ? ? 2. This is an audit class paper, so it has to follow the auditing standards from PCAOB, or any auditing rules.2. This paper is based on the case of ABC Retailer – Internal Controls (see the instruction document that I uploaded). You can find the case in the uploaded document and must use this ABC Retailers case in this paper.3. Please read and follow the ‘Required’, ‘Format’, and ‘Reference’ parts in the instruction document.Required:1.According to PCAOB Auditing Standard (AS 2201)(https://pcaobus.org/Standards/Auditing/Pages/AS2201.aspx), what factors should auditors consider when evaluating the severity of a deficiency in a control that directly addresses a risk of material misstatement?2.PCAOB AS 2201 distinguishes the difference between a deficiency in design and a deficiency in operation. Does the Assistant Controller’s failure to adequately review the Vendor Change Form represent a deficiency in the design or operating effectiveness of the control?3.Based on guidance in AS 2201, determine if the failure in the vendor request change form control indicative of a material weakness in internal control over financial reporting.4.SEC Regulation S-K requires that management provide a report on a registrant’s ICFR in the company’s Form 10-K. Assuming the company and the auditor concluded that this internal control failure indicates a material weakness in internal control, what information would the company be expected to disclose?5.In light of the identified deficiency, auditors should consider a possibility that the deficiency may have an impact on other controls, and/or the similar problem may exist in other controls.What implFormat:Length of the paper: minimum 2000 words (no more than 2500) (on double-spacedpages) PLUS a list of references (make sure you follow an appropriate introduction,conclusion and reference format).Follow APA formatting guidelines: The guidelines are described athttps://owl.english.purdue.edu/owl/resource/560/01…Margins: 1” (Left justification ONLY).Font: Times New Roman, 12 point.Headings and Subheadings: Use
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