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1. What is the difference between Business Risk and Audit Risk? Give an example 2. Explain the difference between Inspection Vouching and Inspection Tracing

1. What is the difference between Business Risk and Audit Risk? Give an example 2. Explain the difference between Inspection Vouching and Inspection Tracing 3. Explain what is meant by Inventory Turnover Ratio, Debt to Equity Ratio and Gross profit Margin 4. Explain what is meant by internal control and state who is responsible for conducting Internal controls

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