The BakFirn Corporation a publicly traded firm has contracted with YOUCPAyour pu

The BakFirn Corporation a publicly traded firm has contracted with YOUCPAyour public accounting firm for an audit. The BakFirn Corporation manufactures specialty construction tools. The tools are used in the unique construction of homes warehouses and multiunit dwellings. The prices range from $1000 to $5000 per unit.During the audit the audit team has determined the risk assessment of the client. Consequently the audit has to respond to the assessed risks of material misstatement at the financial statement and assertion levels. The YOUCPA audit team has asked you the auditor to prepare a list of actions that you will take to assess the audit risk.The following information is available in the year just finished:Assignment Guidelines: