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Question - ABC kids care Ltd (ABC) is listed on the Australian Securities Exchange. The company provides childcare services for pre-school children. ABC has undertaken significant expansion of its operations over the past two years. This strategy has resulted in the acquisition of a total of 400 new centres with childcare licences in Australia, New Zealand and the United Kingdom. The expansion strategy has been funded mainly from borrowings that have been sourced in both local and foreign currency. ABC's board consists of five directors: three non-executive directors, the CEO and CFO. None of the three nonexecutive directors have any formal qualifications or background in business. The board has expressed concern about the pace of expansion, due to ABC's accounting system failing to effectively integrate the acquired companies' complex information systems.
1) Explain inherent risk and why it is important to evaluate inherent risk as part of audit planning.
2) Provide the factors that influence inherent risk at the financial report level and the assertion level.
3) Based on the background information, identify four inherent risk factors for ABC and explain their impact on the financial report.
Beta Corp. reported retained earnings of $500,000 on its year-end of December 31, 2012. What is Beta's retained earnings balance for the end of 2013
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dave and peterson are partners sharing profits in the ratio of 53. victoria is admitted to the partnership for 14th
Apart from the slight differences in credit terms, their products and services are virtually identical. Calculate the approximate cost
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Question - Explain the Process of Risk Prioritization. Identify and explain at least two tools that may be used in Risk Prioritization
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