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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Audit risk
Dear tutor,
I understand that the completeness of sales has to be assessed as a high risk in audit. May I know which standard I can refer to for this.
Other than the completeness of sales, are there any other areas that also have to be assessed as high risk in the Standards?
Thanks a lot.
Why does the completeness of sales have to be to be assessed as high risk? It completely depends on the company, its transactions and its internal control systems. In a cash business, completeness of sales will often be high risk because sales might not be rung up on the cash register and sales therefore not recorded. In a business making credit sales, completeness will usually be much less of a risk.
No areas ever have to be assessed as high risk: everything depends on the client.