ACC4304: Auditors cannot effectively audit clients unless they fully understand the client’s industry and the inherent risks that may affect their client: Auditing Assignment, TARC, Malaysia

Auditors cannot effectively audit clients unless they fully understand the client’s industry and the inherent risks that may affect their client. Therefore, an important part of every audit plan is to understand how current developments in the industry may be affecting an audit client.

Required:

1. Perform a background analysis of a company of your choice from BURSA.

2. Critically evaluate the following:

i. Business Risks of the chosen company
ii. How would these risks affect the audit risk (inherent risk x control risk x detection risk)
iii. The impact on audit plan that the auditor might have taken.

3. Reflection of the assignment done.

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