3. The Financial Controller retired at Christmas, no suitable replacement has been found. Despite the best efforts of the Finance Team, they have been unable to complete their monthly reconciliations, including Property, Plant and Equipment.

Impact on Audit Risk:

Account Impacted:

Related Assertion:

Question 7 9 pts For each of the three (3) items below, explain the impact on Audit Risk, which account is affected, and what assertion the increased risk relates to. You are preparing for the audit of Archer Academy, a construction company, for the year ended 30 June 2021. You have been informed by management off the following: 1. Due to market conditions, it has become very difficult to source structural steel. This has extended out 3 months minimum any project requiring structural steel. As a result, invoices to customers have slowed as less work is able to be completed. Impact on Audit Risk: Account Impacted: Related Assertion: 2. A new project management system was implemented in order to improve project reporting. Purchase orders are now raised in the project management system, with an integration to the financial system. Impact on Audit Risk: Account Impacted: Related Assertion