You are planning the audit of the Bestari Holdings. You gather the following information. Consider the facts and describe how it concerns your assessment for transactions, account balances and disclosures of Bestari Holdings. 

i) Management lacks experience. 

ii) The inventory consists of a range of expensive jewellery. 

iii) Taxation calculations are extremely complex. 

iv) The entity is a computer manufacturer. 

v) There are significant related party transactions. 

vi) Management's rewards are heavily dependent on financial results. 

vii) Provisions are a material liability. 

viii) Internal auditors are involved mainly in administrative functions

ix) Some of the client's product range faces obsolescence issue.

Present your answer in the following structure: 

 

No. (i) (ii) The impact on assessing the transactions, account balances and disclosures