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1) inventory at third party warehouse:
Audit risk : There is a risk that inventory is overstated,because inventory may be damaged and should be valued at lower of cost or NRV.
2)long term loan received:
Audit risk: There is a risk that non current liability is overstated,because of missclassification of the portion payble within 12 months should be STL and the remaining portion is long term liabilities.sir, please tell me am I explaining the audit risk properly to get the full marks?
Thanks in advance..
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