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Suggest the associated key financial accounts

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Reference no: EM133253549

Matter 1

The financial result for FY22 was expected to be disappointing, with expected revenue and profit before tax down 30% and 70% respectively. Sales in China were forecasted to increase 15%, and Australian milk business was up 10%. However, this was more than offset by the challenges experienced in the UK market, with expected sales down 52%.

  • identify and explain whether the item relates to inherent risks or control risks, and its effects on specific aspects of the audit plan.
  • for each risk identified, suggest the associated KEY financial accounts and assertions that would be affected.
  • if there is a control risk identified, suggest controls that can be implemented to prevent and detect potential errors.

Reference no: EM133253549

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