Identify and describe two potential inherent risks

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Reference no: EM133094544

ALPINE BAGS LTD.

INTRODUCTION
In this case study, you are a graduate working for W&S Partners, a Canadian accounting firm with offices located in each of the major Canadian cities. W&S Partners has just been awarded the December 31, 2023, statutory audit work for Alpine Bags Ltd. The audit team assigned to the client is: Partner, J.M. Wadley; Audit Manager, Sharon Gallagher; Audit Senior, Josh Thomas; and IT Audit Manager, Mark Batten.

Prior-year audits were conducted by Ellis & Associates. As part of the change of auditors process, J.M. Wadley met with R.J. Ellis (Managing Partner, Ellis & Associates) to discuss the acceptance of Alpine Bags Ltd. as a client and to inquire about access to Ellis & Associates' working papers. In the discussion, R.J. Ellis stated that there were no issues that W&S Partners should be aware of before accepting the client or commencing the work.

Required
Identify and describe two potential inherent risks that could occur in each of the processes described above i.e. inventory management, sales and promotion, personnel, financial information, and information systems. For those potential risks, identify the financial statement accounts that are affected and the related assertions.

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Reference no: EM133094544

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