1 . Explain any sampling or other audit work that could be done , and if you would recommend the company pursue this additional work . Justify your response .
2 . Make recommendations to the CFO on how to mitigate potential risk factors for major business transactions identified in the audit report .
B . Assume you are now the CFO . Prepare a memo to the Board of Directors as to what potential issues the external audit team might find and what the company ’ s response should be .
1 . Evaluate the findings from the audit report . Be sure to view these findings from the CFO ’ s point of view .
2 . Develop a strategy to mitigate risks identified in the audit report .
3 . Describe how the company might implement the strategy based on the findings from the audit report .