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Explain how the components of audit risk are affected

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Reference no: EM133150497

Question - You are the audit senior responsible for the audit of Sampson Limited. You are currently planning the audit for the financial year ended 30 June 20X9. During your initial planning meeting held with the financial controller, he told you of the following change in the company's operations. The managing director has returned from the USA, where he signed a contract to import a line of clothing that has become the latest fashion fad in the USA. The company has not previously been engaged in the clothing industry. Explain how the components of audit risk (inherent, control or detection risk) are affected in this scenario.

Reference no: EM133150497

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