FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

Identify just one audit risk area of listed public company from the ASX200 that is Mirvac Group. Explain the potential impact of that audit risk on the company’s financial statements with datas (statics).

Expert Solution
Check Mark
Step 1Audit Risk Area
Audit risk: It refers to the possibility that a material misstatement is present in the financial statements of the company even though an auditor has assessed and audited those statements.
There are three common  of kinds audit risks, which are detection risks, control risks and inherent risks. 
The following are considered the audit risk area of Mirvac Ltd.: 1. The company's strategic plan is used as a basis for the evaluation of the Group’s strategic risks which are defined as those risks which have the potential to prevent the Group strategy.
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