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How to easily identify business risk .
Can control risk be treated as business risk.
How many marks per point shall be given to business risk and audit risk and what shall be included within them. Pls tell maamSee here for marking advice about business risk https://opentuition.com/topic/audit-risk-and-business-risk
You wouldn’t say this to an examiner, but business risk is anything that can “cost” a business, for example:
1. Give credit terms to customers who are not creditworthy
2. Theft of inventory
3. Pay too much for goods or servicesControl risk is an aspect of RoMM which is considered from an auditor’s perspective – business risk should be considered from management’s perspective.
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