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Hi Gromit,
the moron is back again:)my question this time is, while writing weaknesses and consequences in the mgmt letter, are we only considering the audit risks or business risks as well?
As far as I understand the business risk also contributes to the audit risk to some extent,like if they are unprofitable due to business risk then they may be inspired for creative a/cing or there may be threat to going concern etc. Am I right?
thank you.
You are not a moron: morons do not ask questions.
Irrespective of what might happen in real life, as business risk is NOT on the F8 syllabus the management letter will consist only of shortcomings in the system of internal control.
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