Identified 5 inherent risks and 5 control risks that may impact the financial statements of Tabcorp Holdings Limited, you are required to develop an overall audit strategy/plan. For each of the risks that you have identified, please specify which types of testing procedures should be employed for planning the audit. [ Provide at least 4 references]

[ It will be highly advisable if you can present your response in the form of a table that will clearly show the: Risk identified, Audit risk assessed, Audit approach including details of audit procedures planned and Evidence to be collected for testing ]

When discussing the need for testing, you must link to the theories of audit and the relevant literature to justify and clearly explain why such rigorous testing is required. [ Provide at least 3 references]

You must conduct sufficient research in this area (using journal articles) to justify the need for such extensive audit work using relevant theory.

Note:

Overall Provide at least seven references that are retrievable from google scholar.

Please ensure to use the company website, financial statements and all publicly available information.

Both in-text and reference lists must be in Harvard style.

The minimum word length required is 950.

Academic journal used for this task must be reliable