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Regulations of the industry

Forums › ACCA Forums › ACCA AA Audit and Assurance Forums › Regulations of the industry

  • This topic has 3 replies, 3 voices, and was last updated 10 years ago by Lilit.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • May 1, 2015 at 12:46 pm #243501
    Lilit
    Participant
    • Topics: 34
    • Replies: 62
    • ☆☆

    Hi, the question says that the company company operates in a highly regulated industry. Is it a business risk for the company or inherent risk.
    Thank you

    May 12, 2015 at 3:03 pm #245506
    dhameelolar
    Member
    • Topics: 13
    • Replies: 68
    • ☆☆

    inherent risk

    June 4, 2015 at 1:01 am #252859
    Ali
    Member
    • Topics: 12
    • Replies: 143
    • ☆☆

    You will learn further in P7 that business risks are in fact a lead to inherent risks for the auditor

    Like, “customers are struggling to pay”

    Its a business risk of liquidity pressure but it also leads to inherent risk of poor credit policies and therefore a bad debt or allowance recognition need in the Financial statements. The risk is that its not recognised and hence the debtors balance is overstated

    June 4, 2015 at 9:36 am #252954
    Lilit
    Participant
    • Topics: 34
    • Replies: 62
    • ☆☆

    Thank you guys….

  • Author
    Posts
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