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

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 Required Discuss how you would use the information to understand your new client.

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