Case Study In lieu of the Case Study on s Luckin Coffee in the syllabus, I would like you to read the following articles: Record Number of Cargo Ships Await Off the California Coast - The New York Times (nytimes.com) Ship's anchor seen as possible cause for massive oil spill in Southern California (nbcnews.com) If you cannot access these two articles, you may find other news sources covering the same topics. It is all over the news. Then imagine this situation from the following perspectives: 1. A company awaiting arrival of the goods or inventory (IKEA, for example, although you may choose a different company with different risks associated with the goods or inventory) 2. A shipping company with ships caught in the mess, and in particular, the one that dropped the unfortunate anchor. 3. The auditor of the company 4. The auditor of the shipping company Then, from the two auditors' perspectives, identify inherent risks of material misstatement arising from this event in the financial statements of the company and in the financial statements of the shipping company, and develop a strategy for each auditor to address those risks. Consider the Accounting, Inherent Risk, and ESG/sustainability implications. You may present your thoughts in paragraphs, or in a table, if that is easier. You may work individually, or in groups of up to three people. I am not specifying a page length, but you should be able to cover it all in about three pages. I have included a template in the Course Documents that you may use to help you complete the assignment, if you wish. There is a link below. -- Case Study - another article to read Monday: This article in today's paper may be helpful to you in thinking about the risks facing companies in face of the supply chain disruption: What the Shipping Crisis Looks Like at a U.S. Port - The New York Times (nytimes.com). Tuesday: And this one today: Americans may not get some Christmas treats, White House officials warn (msn.com). There are a lot of clues in the news

To answer this format

XYZs Company

XYZs Co Auditor Response

Risk Inherent Risk Factor Relevant Assertion Fraud Risk?

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Shipping company Shipping Company Auditor Response

Risk Inherent Risk Factor Relevant Assertion Fraud Risk?

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