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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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