Identify at least three inherent risks that you would have to consider for each company in the… 1 answer below »

1. Identify at least three inherent risks that you would have to consider for each company in the

audit planning phase and justify your answer. Cite the relevant ASAs/ISAs to support your

answer. (18 Marks)

2. Which audit procedures and/or tasks would you have planned to carry out in response to

the inherent risks identified above? Cite the relevant ASAs/ISAs to support your answer.

(18 Marks)

3. Carry out an analytical review on the financial statements of these companies in the planning

phase and identify areas of concern (high risk, problem areas) or comfort. Identify at least

three areas for each company and justify your answer. (18 Marks)

4. Which audit procedures and/or tasks would you have planned to carry out in response to the

high risks or problem areas identified above? Alternatively, in relation to which area would

you have minimised your evidence gathering procedure? (17 Marks)

5. Discuss ethical and legal responiblities/liabilities of the auditorsin case they would have given

an inappropriate audit opinion. Discuss safeguards available to the auditors. (9 Marks)

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