COMET PUBLISHING

Only the "additionally ..." in the first point addresses business risk. The main point is that delay in matching purchase invoices to GRNs may result in cut-off error/incomplete recording of liabilities at the reporting date. I concur with you that the 2nd point is also business risk. In the real world the auditor would draw the client's attention to such matters - i.e. "adding value" to the statutory audit. But this goes beyond ISAs and beyond the AA syllabus.