Potential Impact For The Audit Risk
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Question 1 (10%)
Analyse the ratios with reference to the additional information. Identify the potential impact for the audit and any particular audit steps that need to be undertaken to reduce audit risk. For example, if there was a worsening inventory turnover, one of the audit steps would include a review for obsolete inventory.
Answer this question using the following headings:
(a) Ratio analysis (b) Audit impact (c) Audit steps to reduce risk
Question 2 (10%)
Identify the weaknesses in the internal control system described above and the potential impact on your audit. Indicate the additional audit steps that you will need to undertake to reduce audit risk.
Answer this question using the following headings:
(a) Internal control weakness (b) Audit impact (c) Audit steps to reduce risk
Question 3 (3%)
Develop and justify three (3) Computer Assisted Audit Techniques (CAATs) that you would use to assist you in this audit.
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