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Understanding The Audit Client Before the Audit Auditors must develop industry and client specific knowledge. Identify the inherent risks of retail sales

January 11, 2025

Understanding The Audit Client Before the Audit

Auditors must develop industry and client specific knowledge. Identify the inherent risks of retail sales: brick & mortar vs. e-commerce. Additionally, identify two key accounting cycles relevant to the retail sales industry.

An important aspect of an audit is understanding the industry the audit client operates in. Ribio Inc. is in the retail industry and sells retail items in both the brick and mortar and e-commerce spaces. Research and outline inherent risks associated with:

Brick and mortar sales businesses, and
e-commerce sales businesses.

During this initial research phase, identify two accounting cycles that are critical to the retail sales industry and explain how focusing on these cycles align with Ribio’s business operations.

Your paper should be 1-2 pages in length and conform to APA guidelines. Include at least 3 credible references in addition to the course textbook.

Accounting

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