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The Business Risk approach to a statutory audit is a development of the Audit Risk approach. a) Briefly explain the key elements of the Business
The Business Risk approach to a statutory audit is a development of the Audit Risk approach.
a) Briefly explain the key elements of the Business Risk approach to a statutory audit.
[5 marks]
b) Discuss the reasons why the large audit firms developed the Business Risk approach.
[10 marks]
c) Explain the resulting impact on audit procedures under the Business Risk approach compared to the Audit Risk approach.
[10 marks]
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