21 May IDENTIFY AND DISCUSS WHY THE ABOVE SITUATION REPRESENTS A RISK.
Pluto Ltd (Pluto) manufactures generators for domestic users. Seven years ago Pluto manufactured a generator far superior to any of its competitors at half the price. It has therefore dominated the market over the past few years. However, recently one of Pluto’s main competitors introduced a new generator to the market. Based on the new competitor’s latest advertisements, you are aware that the competitor’s generator can produce electricity at twice the amount of Pluto’s generator by spending same amount of fuel and hence is superior to Pluto’s generator. However, Pluto’s CEO is quite optimistic about the whole situation. He told you that a pricing strategy will soon be implemented to fend off the new competitor and make redundant some employees to remain competitive.
Required
For each of the above independent situations, answer the following:
(a) Identify and discuss why the above situation represents a risk.
(b) By applying auditing knowledge, identify the main account or group of accounts affected in the audit plan by the risks identified in (a).
(c) Identify how the audit plan will be affected by the risks and recommend specific audit procedures to address these risks.
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