Identify just one audit risk area of listed public company from the ASX200 that is Mirvac Group. Explain the potential impact of that audit risk on the company’s financial statements with datas (statics).
Identify just one audit risk area of listed public company from the ASX200 that is Mirvac Group. Explain the potential impact of that audit risk on the company’s financial statements with datas (statics).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Identify just one audit risk area of listed public company from the ASX200 that is Mirvac Group. Explain the potential impact of that audit risk on the company’s financial statements with datas (statics).
Expert Solution
Step 1Audit Risk Area
Audit risk: It refers to the possibility that a material misstatement is present in the financial statements of the company even though an auditor has assessed and audited those statements.
There are three common of kinds audit risks, which are detection risks, control risks and inherent risks.
The following are considered the audit risk area of Mirvac Ltd.: 1. The company's strategic plan is used as a basis for the evaluation of the Group’s strategic risks which are defined as those risks which have the potential to prevent the Group strategy.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education