Company Name - JB Hi-fi LTD 1) Identify the major audit risk areas (at least 2) 2)
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Company Name - JB Hi-fi LTD
- 1) Identify the major audit risk areas (at least 2)
- 2) Explain the potential impact of the audit risk on the company's financial statements
- 3) Detail the auditing procedures to verify the account balances impacted by the risk
Important: You are the independent or external auditors of the company and your 'job' is to express an opinion on the truth and fairness of the accounts.
Some business risks are material and relevant to the external audit but others e.g. shoplifting in a retail environment whilst important (to the business) would not be material from an external audit perspective.
Related Book For
Auditing a risk based approach to conducting a quality audit
ISBN: 978-1133939153
9th edition
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
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