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Founded in 1924, the Kissimmee/Osceola County Chamber of Commerce (KOCCC) represents approximately 900 small, medium and large companies, organizations and governments. From cattle operations going back generations, to entrepreneurs just getting their companies started, the Kissimmee/Osceola County Chamber of Commerce includes virtually every type of business.
KOCCC is your audit client. As part of the risk assessment phase, your Senior Manager has shown you the following visual. Answer the questions below regarding what the dashboard "Labor Statistics Kissimmee Osceola County" says about the risk of this client. Problem 1: Why would data on the growth or slowdown of the labor force be relevant to the risk of the audit engagement for the Kissimmee/Osceola County Chamber of Commerce?
Problem 2: If you were the auditor for a local municipality, what are some visualizations that you can do that could help you understand the client and make you aware of possible changes in the municipality that may affect the audit?
Problem 3: In assessing inherent risk in valuation of your client's inventory, what value is there in looking at industry reports?
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