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Explain why the account balance is at significant risk

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Risk of Material Misstatement (Inherent Risk) at the Financial Report Level

Identify one(1) specific account balance (not account classifications!) that you consider at significant risk of material misstatement. For your chosen account balance:

Question a) Explain why the account balance is at significant risk of material misstatement

Question b) Explain one, key assertion at risk of not being valid

Question c) Detail one (1) relevant substantive audit procedure to address the assertion at risk as identified in b) above

Question d) Detail one (1) relevant practical internal control that would mitigate the risk in relation to the assertion at risk as identified in b) above.

 

Reference no: EM132673782

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