Instructions: You are the audit team assigned to work on the audit engagement of the company "Emirates". Attached you can find a compressed folder with all the information/data required for the company. Each group need to complete the following: 1. Add the company general information as required in the website Section 1: Assessing Inherent Risk 1. Describe the Entity's business and its industry and environment (400 words) 2. Describe the Entity's accounting policies and practices (400 words) 3. Describe Entity's financial performance (400 words) 4. Conclude about the entity Inherent risk: (Low/moderate/ High), explain. (200 words) 5. Draw ac conclusion related to the entity Inherent risk: (Low/moderate/ High), explain. (200 words) Section 2: Assessing Control Risk 1. Describe the entity level controls (400 words) 2. Describe the management's risk assessment process (400 words) 3. Describe the controls relating to information systems relevant to financial reporting and communication (400 words) 4. Describe controls relating to management's monitoring activities (200 words) 5. Upload all files supporting your conclusion regarding the Control risk assessment. (200 words) Section 3: Summary of identified risks 1. Estimate the Risk of Material Misstatement (RMM) (Low/Moderate/ High) (200 words) 2. Identify the possible risks at the financial statement level (200 words) 3. conclude with regards to the effect of entity-level controls and financial statement level risks on our planned audit approach for significant accounts and disclosures and on our audit strategy (200 words).