Assessing Overall Audit Risk

Assessing Overall Audit Risk - Working Paper Reference...

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Working Paper Reference_________ Client Name______________________________ EVALUATION OF OVERALL ACCEPTABLE AUDIT RISK Year-ended________________________________ Prepared by__________________________ Date prepared________________________ Reviewed by_________________________ Likelihood of Financial Difficulty (check one) ______ High probability that the company will successfully continue in business for at least two years and be able to pay its debts. ______ Moderate possibility that the company will not successfully continue in business for at least two years and will be unable to pay its debts as they become due. ______ High probability that the company will not successfully continue in business for at least two years and will be unable to pay its debts as they become due. Extent of Reliance on Financial Statements (check one) ______ Statements are used primarily internally by management and board of directors. _______ Statements are used primarily by management for normal business loans.
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