Corporate Auditing: Risk Assessment for Bench Ltd - 7102 Assignment

This assignment requires a comprehensive audit risk assessment for Bench Limited, a listed furniture manufacturer. The task involves evaluating inherent risk based on factors such as the new CEO's performance incentives, the company's growth strategy involving new store openings, and the financing methods used. Students must analyze how these factors influence the likelihood of material misstatements in the financial statements. The assignment further delves into assessing control risk, considering the effectiveness of internal controls related to revenue recognition, inventory management, and capital expenditure. The final part of the assignment focuses on identifying and assessing fraud risks, particularly in areas where management incentives may lead to manipulation of financial results. The goal is to develop a detailed audit plan that addresses the identified risks, ensuring the reliability of the audit opinion. The assignment is designed to apply theoretical knowledge to a real-world case study, enhancing critical thinking and practical auditing skills.

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