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Jai is getting to know his new client Turquoise Traders, a large discount electrical retailer. Wendy was the engagement partner

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Jai is getting to know his new client Turquoise Traders, a large discount electrical retailer. Wendy was the engagement partner on the Turquoise Traders audit for the past five years, but had to rotate off the audit this year. Jai discovers that towards the end of last year Turquoise Traders installed a new IT system for inventories control. The system was not operating prior to the end of the last financial year so its testing was not included in the previous audit. The new system was custom-built for Turquoise Traders by a Melbourne-based software company by modifying another system they had designed for a furniture manufacturer and retailer.


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What audit risks are associated with the installation of the new inventories IT system at Turquoise Traders?

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The installation of a new inventories IT system at Turquoise Traders introduces several audit risks …View the full answer


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Related Book For  answer-question
Auditing A Practical Approach

Auditing A Practical Approach

ISBN: 9780730382645

4th Edition

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton

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Question Details
Chapter # 3- Risk assessment I
Section: Review Questions
Problem: 34
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Question Posted: September 16, 2023 13:08:59
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