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You are currently planning the audit for the year ended 30 June 2018 of Whisky & Wine Pty Ltd, a large proprietary company that operates a small chain of liquor stores. Competition in the retail liquor sector is fierce, with major supermarket chains discounting goods heavily, sometimes below cost, in order to increase their market share.In order to compete, Whisky & Wine has been forced to offer big discounts including 'buy two get one free' offers. While this has helped to maintain its customer base, Whisky & Wine's gross margins have dropped by 20 per cent. In an effort to offset the impact of the discounting of liquor prices on profits, Whisky & Wine has added additional, higher-margin products to its range, such as gourmet snack foods to accompany the liquor. However, these gourmet items have achieved only limited sales. Whisky & Wine is also experiencing difficulties with two of its major suppliers, McGregor's Spirits Ltd and Old Vine Wines Ltd, who have reduced their payment terms from 60 to 30 days.
REQUIRED
Problem 1: Identify and explain three business risks that may lead to the risk of material misstatement in the financial report of Whisky & Wine for the year ended 30 June 2018.
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