List and explain 5 key business risks which would impact on the audit of JB Hi-Fi. Include
Question:
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List and explain 5 key business risks which would impact on the audit of JB Hi-Fi. Include the account and assertion most affected by the risks identified. Be sure to link audit risks to their applicable business risks.
Please refer business risks topic in lecture 3.
hints
Make sure that your business risks are supported with facts and figures.
Make sure that your business risks are material
Make sure that your business risks are going to affect this financial year. Things that might happen beyond the end of the financial year are not relevant here.
If you think there is a risk of financial statement manipulation, you must support this with an incentive for management to do so. I suggest you look at the slides for Lecture 9.
Please give me the answers and any research resources you used or any articles.
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Modern Auditing And Assurance Services
ISBN: 9781118615249
6th Edition
Authors: Philomena Leung, Paul Coram, Barry J. Cooper, Peter Richardson