Question: In researching a potential new audit client, you determine that the business operates in a highly competitive industry, with low barriers to entry and very

In researching a potential new audit client, you determine that the business operates in a highly competitive industry, with low barriers to entry and very short product life cycles. What audit planning factors will this information help you to assess?

Audit risk
Auditor's risk from taking the engagement.
Client business risk
An acceptable level of Information risk.

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