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ACC304 Auditing And Assurance :As an audit senior,

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ACC304 Auditing And Assurance :As an audit senior,

As an audit senior, you have been assigned the task of gaining an understanding of the client, as well as identifying inherent risks and risk of material misstatements based on your research. The information you gather will be used to help plan the audit. You are required to write a report to your audit manager outlining the information you have gathered with regards to the following: a. Provide an overview of the client’s business, operations and industry (discussions should include any recent events concerning the company.)
b. Identify 4 areas of business risks for the company and give a brief explanation of the identified risk.
c. Identify 4 areas of risk of material misstatement in the financial statements for each of the business risk identified. (You will need to mention specific transaction/balance and assertions at risk and why you think these are risk areas)
d. Carry out an analytical review of the company and together with information gathered in part (a) identify another 3 areas of risk of material misstatement in the financial statements and explain why you think these areas are at a risk of misstatement. (You will need to mention specific transaction/balance and assertions at risk and why you think these are risk areas).

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