Question: AUDIT QUESTION The audit team is preparing to audit a new client in the fashion industry. The client imports garments from manufacturers in several Asian

AUDIT QUESTION

The audit team is preparing to audit a new client in the fashion industry. The client imports garments from manufacturers in several Asian countries and retails them in a chain of shops located throughout the United States. You have access to the following information for the client:

a.	Prior period financial statements.
b.	Anticipated results for the current year.
c.	Industry averages.

Discuss how you would use the information to understand your new client. Please explain your answer thoroughly.

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