Question
The audit partner has also requested you to perform some research to help the engagement team to gain an understanding of the nature of the
The audit partner has also requested you to perform some research to help the engagement team to gain an understanding of the nature of the client, and its operating characteristics. Indicate and explain how the nature of the client is relevant to the auditors understanding and helps the auditor to identify risks of material misstatements. Discuss the following: Clients business strategy; and Other operating characteristics, such as the types of products and services, locations, and compensation.
Make an overall assessment as to whether the information discussed in (b) about the nature of Singapore Airlines and its operating characteristics point to inherent risk as high, medium, or low. Justify your assessment.
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