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short “punchy” or to-the-point sentences. When appropriate, consider
using bullet point listings.
[2] Professional auditing standards provide guidance on the auditor’s
consideration of an entity’s business risks. What is the auditor’s
objective for understanding an entity’s business risks? Why does an
auditor not have responsibility to identify or assess all business risks?
Provide some examples of business risks associated with an entity that
an auditor should consider when performing an audit.
Smith and Jones, PA. Memorandum: Business Risk Evaluation
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ACC 546 Case 3.3 The Anonymous Caller
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Case 3.3 The Anonymous Caller, p. 63-65
[1] Do you think situations like this (i.e., aggressive accounting or even
financial statement fraud) are common in practice?
[2] Which financial statement assertion related to sales transactions did
management violate when it issued the falsified financial statements?