auditing

auditing
Select a company quoted on the UK stock exchange. Obtain, or download a copy of, the company’s last annual report containing audited financial statements. If you are studying module ASB 3208 Financial Statement Analysis you should not choose for this assignment a company you are analysing in the assignment for that module.

A. From the financial statements, the management commentary in the annual report and other sources, and using appropriate auditing procedures, identify FIVE areas of heightened audit risk relating to the audit of this company. Explain why you consider these to be areas of increased audit risk.

B. In relation to ONE of the areas selected in Part A identify, and explain the reasons for, the detailed audit procedures you would carry out in attempting to reduce audit risk to an acceptably low level.

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