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Consider the following situation, which apply to an audit of your client ending 30th June 2021. The marketing manager has just returned from Europe, where

Consider the following situation, which apply to an audit of your client ending 30th June 2021.

The marketing manager has just returned from Europe, where he signed a contract to import a line of clothing that has become the latest fashion fad in Europe. The company has not previously been engaged in the clothing industry.

Required: For the above scenario, which component of the audit risk is impacted (either increase, decrease, or no impact) and give reasons why

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