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Unformatted text preview: prior year's W/P, hire expertise, internet search engine B. Obtain Background Information 1. Tour the facilities visualize assets know layout in order to ask questions 2. Review the client's policies and procedures, organization chart, bylaws 3. Identify related parties (AU 334) 4. Identify need for a spet (AU 336) © W.R. Knechel Risk Evaluation Risk Evaluation Strategic Analysis Organizational Business Models External Threat Analysis Strategic Business Risks Residual Risks Implications? Process Analysis Process Business Risks Process Maps Internal Threat Analysis Assurance about Current Conditions The Risk Assessment Process What do you do with the knowledge obtained?...
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- Fall '08
- Management, acceptable audit risk, Preliminary Analytical Procedures, AICPA Industry Audit, Assess client business, Understanding Client’s Business