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You are a senior auditor in the firm of EA Partners. The firm has decided to take on a new client and has requested you to compile a risk assessment report on the firm, as part of the initial stage of the audit plan and preparation. You have been chosen to undertake the analysis because you are familiar with the industry in which the firm is situated and your fellow seniors believe this will give you an advantage when uncovering the inherent risks of the new client. Your fellow seniors look forward to reading your report. After you have given your report to the other seniors, they decide that your team will be handling the audit. The second part of the assignment is to give a briefing to your team about the new client.
Task: Chose an industry with which you are familiar. You may be connected to the industry because of a family business, you may have worked in the industry or you may be very interested in the area. You are required to build a risk assessment of the new firm using any research means at your disposal; however you should include in your research information released by the media (news, newspapers, and industry magazines) and academic information. After you have uncovered the relevant inherent risks, you are required to suggest suitable controls that may mitigate the impact of those risks on the firm.
7 references.
Purpose a sample draft of a standard unqualified audit opinion and make sure you add a clause that the opinion is a Sample Only and not to be used for any other purpose
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on 1st january 2014 prince company purchased an 80 percent interest in the common stock of sivet company for 1040000
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In November 2013, Classical became aware of a design flaw in an industrial saw that poses a potential electrical hazard. A product recall appears unavoidable. Such an action would likely cost the company $500,000.
The following are common tests of details of balances or analytical procedures for the audit of accounts receivable:
Calculate the amount that would be received by an investor who has owned 170 shares of preferred stock and 260 shares of common stock since 2011 if a $0.35 per share dividend on the common stock is paid at the end of 2014.
Internal control is a process effected by an entity's board of directors, management, and other personnel that is designed to provide reasonable assurance regarding the achievement of objectives.
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