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Gold Explorers Inc. is a major Canadian gold mining corporation. Gold Explorers has mines and development projects in Canada (Northern Ontario and British Columbia), the United States, and South America. Shares of Gold Explorers trade on three major international stock exchanges-New York, Toronto, and London. Gold Explorers is known as one of the lowest-cost producers of gold worldwide, and in the current fiscal year it achieved record gold production levels. Due to the record levels, revenues increased this year. Revenues grew from $1,357 million last year to $1,432 million in this year's draft financial statements (all dollar figures are U.S. dollars). Corresponding gross profit figures are $642 million for last year and $678 million for the current year.
Required:
Problem a. Identify eight factors that Margaret needs to consider that would affect her assessment of audit risk, inherent risk, and control risk for this year's audit of Gold Explorers. For each factor you identify, indicate which one of the three risks would be affected and state whether the factor is likely to increase or decrease Margaret's assessment of that risk relative to other companies in other industries. In addition, for each factor, explain why the risk will increase or decrease. Set up your answer in the following manner:
Problem b. Identify the most appropriate basis for determining materiality for this year. Justify the basis of the materiality you selected and explain why other bases are not appropriate.
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