What impact could each of these business risks potentially have on the client’s financial statements, including footnote disclosures? Be specific in terms of the accounts and disclosures affected and in what way they would be affected.
TASK Your audit firm was recently engaged to conduct the financial statement audit for BBH Automotive, an original equipment manufacturer (OEM) in the automotive industry. As the senior manager on the engagement, you are performing initial audit planning and developing an understanding of BBH’s business and industry. While the lead engagement partner has experience in […]