Flash Technologies Template

In: Business and Management

Submitted By keks1999
Words 495
Pages 2
Suggested Format for Flash Technologies Memo:

General Business and Industry Risks: As illustrated in the table below, provide an analysis of business objectives and strategies and how they map to business risk, audit risk, related accounts, and their potential effect on the audit plan. For the two business objectives illustrated below, identify one or two additional risks associated with each objective and complete the remaining columns for all risks (note that the template has been partially completed).

Business Objective and Strategy | Business Risks | Audit Risk (auditor’s concern) | Related Accounts and Assertions | Potential Effect on the Audit Plan | 1. Continue Expansion Internationally (acquisitions in other countries) | Foreign Currency Risks. | Gains/losses not properly calculated or accrued on hedging activity. | Gains/Losses from currency hedging: Valuation Accuracy Classification | Gains/losses: Increase the number of hedging contracts tested with particular emphasis on contracts in currencies with less developed countries. Examine unrealized and realized gains/losses to ensure that they are properly classified. | | Lack of understanding of culture and business practices.Identify one or two additional risks… | | | | | | | | | | | | | | 2. Be a leader by having the latest technological advances and releases in the flash memory market | Insufficient number of existing and new customers accept the new technology | Overstatement of accounts receivables through fictitious sales. | | | | High amounts of R&D expenses cause margins to diminish and cause concern among investors.Identify one or two additional risks… | | | | | | | | | | | | | |
Additional General and Industry Risks: Provide a list of additional general and industry risks you identified.…...

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