audit risk of Costco

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Description

Identify at least three risk areas in the audit of Costco and describe: (1) the risk; (2) why you have assessed this as a specific risk; and (3) how you would perform the audit to address this risk.

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Explanation & Answer

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Running Head: AUDIT RISK OF COSTCO

1

Audit risk areas at Costco Company
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Professor Name
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AUDIT RISK OF COSTCO

2

In the field of accounting, auditing is the process of assessing an organization’s financial
statements to ascertain correctness and that they represent the true and fair view of the actual
company financial position. Public traded companies are required to undertake internal and
external auditing of their financial statement to ensure what is published is true and that no errors
and fraudulent intentions by the management. Hence, the process of auditing is inevitable for a
growing company (Hay, 2014). Investors use audit reports of the company to make investments
decisions. Importantly, the process of auditing involves identifying risk areas and performing
independent auditing to address the risks.
Costco is an American based multinational company that specializes in providing retail
products including organic foods, beef, wine and chicken among others. Headquartered in
Washington, in the Unit...


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