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Task #2 Then. for each issue, discuss the potential audit impact by identifying the key audit risk(s) posed by the issue and providing at least
Task #2 Then. for each issue, discuss the potential audit impact by identifying the key audit risk(s) posed by the issue and providing at least one specific audit procedure to address the risk(s). You will recall that procedures should include three components: what is being audited, why it is being audited. and how it is being audited. You know that your analysis will flow best if you discuss each issue from an accounting perspective first, and then, directly below your accounting discussion for that issue, consider the audit impact. You also know that the OTF management group is paid a bonus based on net income, and that you need to consider how these issues will impact the bonuses for the current year
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