Scenario: You are a senior auditor in the firm of EA Partners. The firm has decided to take on a new client and has requested you to compile a risk assessment report on the firm, as part of the initial stage of the audit plan and preparation. You have been chosen to undertake the analysis because you are familiar with the industry in which the firm is situated and your fellow seniors believe this will give you an advantage when uncovering the inherent risks of the new client. Your fellow seniors look forward to reading your report. After you have given your report to the other seniors, they decide that your team will be handling the audit. The second part of the assignment is to give a briefing to your team about the new client. Task: Chose an industry with which you are familiar. You may be connected to the industry because of a family business, you may have worked in the industry or you may be very interested in the area. You are required to build a risk assessment of the new firm using any research means at your disposal; however you should include in your research information released by the media (news, newspapers, and industry magazines) and academic information. After you have uncovered the relevant inherent risks, you are required to suggest suitable control elements that may mitigate the impact of those risks on the firm. The report should be concise. Important: You may not approach any employee or manager of any business and speak to them. You may not represent to an employee or manager that you are undertaking research for any institution, including James Cook University. Further information on the oral component will be provided during class. Further comments: Remember to describe your industry and the firm to which the report relates All sections should refer to the appropriate standards, and standard paragraphs. The standards should be integrated into the document in a cohesive way. You should use an appropriate format for the report. A letter of transmittal is not required. Although no word limit has been set, the case asks for a concise report. Therefore, other things being equal, the more concisely you can present your results the higher will be your mark All sections must be completed by the due date given in section 1.3 of this subject outline and uploaded into Safe Assign. A hard copy of the final report should be handed in to the lecturer at the next face-toface contact. Important!!! It should be audit risks , not business risks. At least 15 appropriate references from academic sources. Structure: Executive summary ( half of page) Introduction ( At least one page, whee we describe purpose and give a little bit theoretical materials about risks. Main part (only 15% of theory, and 75 % of practical research) Conclusion References Appendix (if need it)

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