PLEASE FOLLOW INSTRUCTIONS. • Toy Central Risk assessment process
In you first Toy Central process you need to address the risk associated with the entity and its environment. Use the framework starting on page 106 of your text. Table 4-1 lists sources of information for understanding the entity and its environment. The auditor’s understanding of the entity and its environment includes knowledge about the following categories:
Nature of the entity.
Industry, regulatory, and other external factors (Table 4-2).
Objectives and strategies and related business risks (Table 4-3).
Entity performance measures.
These elements on table 4-2 and 4-3 should form the basis of your paper. Remember to format the paper according to APA requirements. You need 4-5 pages of written text plus title page and references.
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