Identify 4 business risks of Integral Diagnostics Limited (IDX) that will increase the risk of material misstatement (specifically inherent risk) at the assertion level for classes of transactions or account balances. For each business risk, identify only 1 class of transaction or account balance (income statement or balance sheet line item), and for each class of transaction/account balance, please identify the assertion most (only one) at risk of misstatement. You need to explain why each business risk will lead to a risk of misstatement to the specific class of transaction/account balance and assertion you have identified. 2) Describe, in detail, the appropriate substantive procedure that will address each class of transaction or account balance and assertion identified as at risk of material misstatement. The description of procedures must be detailed enough for someone with limited auditing knowledge to carry out the procedures correctly.

Answer rating: 100% (QA)

1 Business Risk Legal and Regulatory Risks Class of TransactionAccount Balance Revenue Assertion at Risk Completeness Explanation Legal and regulatory risks may result in potential litigation or fines ... View the full answer