Identify important audit risk factors common to family-owned businesses. How should auditors address these risk factors?2. In your opinion, what primary audit objectives should Grant Thornton have established for JGI’s (a) Prepaid Inventory account and (b) Merchandise Inventory account?3. Assess Grant Thornton’s decision to rely heavily on JGI’s delivery receipts when auditing the company’s prepaid inventory. More generally, compare and contrast the validity of audit evidence yielded by internally prepared versus externally prepared client documents.4. Describe the general nature and purpose of a “walk-through” audit procedure. Are such tests required by professional auditing standards?5. Identify audit procedures, other than a walk-through test, that might have resulted in Grant Thornton discovering that Fred Greenberg was tampering with JGI’s delivery receipts.6. Once an audit firm has informed client management of important internal control weaknesses, what further responsibility, if any, does the audit firm have regarding those items? For example, does the audit firm have a responsibility to insist that client management correct the deficiencies or address them in some other way?