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How audit strategy to address risk of material misstatement

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Reference no: EM132975466

Fact: Potential risk identified:

Impact on the financial statement:Relevant account & assertion:

Magic Natural Ltd sources raw materials locally and internationally, following its ethical buying policy.

Sourcing raw materials from different countries can add complexity to recording COGS. Due to the complexity of evaluating COGS under floating exchange rate.

Magic Natural Ltd may have overstate or understate COGS also gross profit.

COGS account with accuracy assertion at risk.

Question:

Problem 1: Audit strategies or procedures to address the risk of material misstatement.

Reference no: EM132975466

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