Assuming all potential threats can be mitigated and Kirby has accepted Cooks Furniture as an audit client. He has asked you to plan for the audit of Cooks Furniture Ltd for the 2020 financial year. You need to produce the audit planning workpaper outlining potential risks in this audit. Your audit planning workpaper must cover the following:

a) Identify ten risk factors (conditions) that indicates that the financial statement might be misstated.

b) Determine the potential impact of each risk factor on the financial statements or the audit (e.g. which account and assertions might be misstated).

c) Determine the audit strategies or procedures that may address the risk of material misstatement.

Identify the risk factor (a) Potential impact on the financial statements or the audit. (b) Audit strategies or procedures to address the risk of material misstatement (c) 1 2 3 4 etc