State the effect on Inherent Risk or Control Risk

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Reference no: EM132771267

Question - Lightning Ltd distributes and supplies electrical appliances. The company is an ongoing client of your audit firm.

From a discussion with the General Manager during the planning of the audit, you have ascertained the following:

During the year, several members of the board of directors retired and were replaced by prominent businesspeople previously associated, but not directly connected, with the company.

Required -

(a) State the effect on Inherent Risk or Control Risk.

(b) Provide an explanation for your answer in part (a).

Reference no: EM132771267

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