In recent years, countries like Vietnam and Malaysia have become more eco-conscious, attempting to reduce their industrial impact on the environment. As such, textile manufacturing has been discouraged with strict regulations. Wow Decor's purchase costs from those countries are expecting an increase of 7% in FY2023. identify and explain whether the item relates to inherent risks or control risks, and its effects on specific aspects of the audit plan. for each risk identified, suggest the associated KEY financial accounts and assertions that would be affected. if there is a control risk identified, suggest controls that can be implemented to prevent and detect potential errors. and what the auditor should do?

Answer rating: 100% (QA)

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