Case 2.3

In: Business and Management

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Business Objective and Strategy | Business Risks | Audit Risk (auditor’s concern) | Related Accounts and Assertions | Potential Effect on the Audit Plan | 1. Continue Expansion Internationally (acquisitions in other countries) | Foreign Currency Risks. | Gains/losses not properly calculated or accrued on hedging activity. | Gains/Losses from currency hedging: Valuation Accuracy Classification | Gains/losses: Increase the number of hedging contracts tested with particular emphasis on contracts in currencies with less developed countries. Examine unrealized and realized gains/losses to ensure that they are properly classified. | | Lack of understanding of culture and business practices. | Unforeseen costs and expenses could go unrecorded. | Accounts payable being understated due to unforeseen costs: Completeness Accuracy Valuation | Unforeseen Costs and expenses: Put greater emphasis on going through documents like bill of ladings and vendor invoices to ensure all the costs are being correctly recorded. If possible, use a larger sample size to reduce sampling risk and to ensure a greater chance of catching unrecorded costs. | | Indentify two additional risks | | | | 2. Be a leader by having the latest technological advances and releases in the flash memory market | Insufficient number of existing and new customers accept the new technology | Overstatement of accounts receivables through fictitious sales. | | | | High amounts of R&D expenses cause margins to diminish and cause concern among investors. | | | | | Indentify two additional risks | | | |
Additional General and Industry Risks: Provide a list of additional general and industry risks you identified. Only list the risk, no need to fill out a table as shown above. You should identify at least…...

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