The factors which are to be identified during strategic business risk assessment are:
Thus the above represents various inherent risks that may arise from various situations hence leading to problem of indefinite account balances. Thus the auditors need to carefully assess the financial position of the company in order to assess the actual areas which may be affected by the adverse situations. The inherent risk is always present in the organization and the auditor needs to properly assess the material misstatements and the errors and manipulations. The high level of inherent risk in the account balances will make the financial statements ineffective hence reducing the productivity of the financial statements prepared by the company. The inherent risk prevalent in the account balances will also lead to inherent risk in the strategic business risk thus the assessment of inherent risk should be of great importance in the business. (AASB & AARF, 2002)
The area of going concern in the business should be assessed as medium. The various factors affecting the medium going concern decision area as follows:
References:
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