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Assessing risk within your own industry
When conducting an audit, there are various types of risk that must be assessed by the auditor at all phases of the audit process. Think of an industry that you have familiarity with, and discuss how you would analyze inherent risk, control risk, and detection risk and integrate them into planning your audit.
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Organizational Risks
These are the three risks that big firms especially the financial firms face. In this case,
International Revenue Service will be taken into consideration. To start with is the inherent risks
which are caused by the by the omission of the certain financial statement due to various factors
different from the failure of control. This kind of risk mostly occurs in a financial audit and when
the kind of transactions made are...
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