Prepare a memorandum to the audit manager, outlining your risk assessment relating to Steel Limited. When making your risk assessment:
(a)Identify three (3) key account balances from the information provided that are subjected to an increase in audit risk. Briefly explain what factors increase the audit risk associated with the three (3) accounts identified. In your explanation, please mention the key assertion(s) at risk of material misstatement and the components of the audit risk model affected for each account identified.
(b)Identify how the audit plan will be affected and recommend specific audit procedures to address the risks associated with each account identified.
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