Risks Assignment | Homework For You
2. Using your understanding of the audit evidence mix, discuss briefly how each of the risks you identified will impact on the evidence mix for the planning of the audit of Coca Cola. When referring to the evidence mix to use, reference should be made to the tests of balances, transactions and analytical procedures and the like (refer to the lectures for a complete list of types of evidence used by the auditor), indicate which specific areas in the accounting system would be critical and comment on the nature and extent of the testing required (see guidance notes in appendix).
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HINT: You are only required to assess the impact of the individual risk on the nature of the evidence mix. You are not required to identify an overall inherent risk and audit risk assessment for the entity. You are not required to determine an overall evidence mix for the entity. Focus only on the impact of each individual risk on the evidence mix required to assess the impact on each risk you have identified. Get Audit homework help today