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Importance of Risk Assessment in DIPL : Case Study

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Added on  2020-02-24

Importance of Risk Assessment in DIPL : Case Study

   Added on 2020-02-24

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By student name ProfessorUniversityDate: 27 August 2017.
Importance of Risk Assessment in DIPL : Case Study_1
1Executive SummaryAuditing is a procedure by which the auditors can comment on the validity of the books of recordprepared by the company. Risk assessment and identification is an important part of audit. Whileconducting the audit the auditor must apply all substantive and analytical methods to the best of hisability. This will help in identification of the fraud and the risks and mitigation of the same. Professionalskepticm is an important attribute of any auditor. In the given case below, the company has certaininherent risks and certain fraud risk factors might be present. They evaluation and mitigation of thesame is given below.1 | P a g e
Importance of Risk Assessment in DIPL : Case Study_2
2ContentsBried facts of the case................................................................3Question no 1..............................................................................4Question no 2..............................................................................10Question no 3..............................................................................12Refrences....................................................................................142 | P a g e
Importance of Risk Assessment in DIPL : Case Study_3
3Brife facts of the caseFollowing are some of the brief points of the case study. 1.In the given case study of DIPL, the auditors of the company are faced with many challenges of identification of major risk factors. Besides this, they are taking over from the old auditor ‘Jay and Asssociates’, therefore the new auditors will also need to check the opening balances.2.In case of the given company, there are many changes occurring, the new CEO is taking many decisions that might affect the overall profitability of the company. 3.The work of the auditor is to identify the inherent risk factor in the company and help the management in mitigation of the same. The major details about the performance of the company, along with brife background information are given. 4.Along with it , there are details about the major functioning department of the company that consists of Purchase and Inventory, ‘Print on Demand’ revenue and receivables, ‘E-book’ Revenue, cash receipts etc. 5.All the details regarding the management of these departments are given and the work of the auditor is verifying the records properly and comment on the same. 3 | P a g e
Importance of Risk Assessment in DIPL : Case Study_4

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