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CASE 2.2 Apple Inc.
Evaluation of Client Business Risk
After completing and discussing this case you should be able to
[1] Describe the implications of an audit client’s business risk on the
audit engagement
[2] Describe the types of information relevant to evaluate an audit
client’s business risk
[3] Identify and evaluate the factors important in assessing an audit
client’s business risk and risk of material financial misstatement
INTRODUCTION1
[a] Apple’s:
■ Sales
■ Net income
■ Cash flow from operating activities
■ Total assets