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1. Identify what you consider to be the ‘key' inherent risk factors that could have an impact on the audit of BHP for the year ended 30th June 2012.
For each of the inherent risk factors identified, state how and why you consider the issue may create the risk of potential misstatement in the financial statements of BHP for the year ended 30th June 2012.
[HINT: To score well in this assignment you will be required to research BHP's financial results, the financial press, and other business media to obtain a better understanding of the inherent risks. You may use the issues you identified in assignment 1 to discuss the nature of the apparent risks]. You are expected to identify six (6) critical inherent risks.
2. Using the information you have collected to assist you in answering question 1 (above), explain and justify your overall assessment of inherent risk for BHP. Using the audit risk model and the risk factors discussed above, discuss how your assessment of inherent risk will impact on the evidence mix for the planning of the audit of BHP in the identified areas of risk.
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