L5 Notes_Part_11 - consumer electronics 2. Accounts...

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© W.R. Knechel Knowledge of Business and Industry Why do we need to understand the client’s industry? 1. Some industries are riskier than others and this affects client business risk and audit risk 2. Companies in an industry typically have common aspects where inherent risk is high 1. inventory obsolescence in toy, fashion designer, or
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Unformatted text preview: consumer electronics 2. Accounts receivable valuation in consumer loan industry 3. Reserves in insurance 3. Many industries have unique accounting requirements W.R. Knechel Consider Special Circumstances Audit segments Related parties Internal audit Need for spets...
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This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.

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L5 Notes_Part_11 - consumer electronics 2. Accounts...

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