Mail - Tyler Whyte - Outlook x | Student - cambriancollege.ca x Class ACC3502 Winter 2022 in Cc x Discussion Cases *Search Results | Course Hero https://prod.reader-ui.prod.mheducation.com/epub/sn_0ed1a/data-uuid-557b290d34ea4353a8de78dBee08a5cc [t lli Apps Mail - Tyler Whyte -. @ myCambrian Login claim secure we ACC 1028 - Interme.. Course Home Dynacare Plus - My.. We ACC 1029 - Interme.. audit connect Freesound - Freeso... D Free stock videos ... Ill Gardening Books :. Reading list E Aa ledgers were a mess because the one computer specialist was hospitalized for three months during the year. Shad thought thankfully, "I've been able to do this audit in less time than last year when everything was operating smoothly." DC 6-2 Planning, Inherent and Control Risk, Manufacturing Business. LO1, LO2, LO3, LO4 Darter Ltd. is a medium-size business involved in the production of children's toys. It is privately owned. Its minority shareholders requested that the annual financial statements be audited for the first time this year. Your firm is engaged to do the current year's audit. You are now reviewing Darter's preliminary general ledger trial balance in order to begin preparing the planning memorandum. Consider the following accounts that appear in this trial balance: Cash Inventory, finished goods Inventory, work-in-process Inventory, unassembled components Property, plant, and equipment Goodwill Accounts payable Warranty provision Bank loan, long term Share capital, common shares Retained earnings Revenue Cost of goods sold General and administration expense Required: a. Evaluate the inherent risk for each of the above accounts. List two accounts that you think would have the highest inherent risks, and two that would have the lowest. Indicate whether there are any particular assertions (i.e., existence, completeness, ownership, valuation, presentation) that the risks mainly relate to. Give reasons to support your assessments, and state any assumptions you need to make. . For one of the high-risk accounts you identified in (a), explain how the inherent risk level will relate to the types of controls that Darter's management implements for each of these accounts. Consider the costs and benefits of implementing effective controls. c. For one of the high-risk accounts you identified in (a), describe the procedures you would use to assess the control risk. DC 6-3 Business Risk and Risk of Material Misstatement. LO1 Titanium Financing is a boutique investment firm with big O -5"C Cloudy ~ 4) ENG 9:16 AM w 2022-02-09 19