Audit Risk and Sampling Overview In this assignment, you will prepare

Audit Risk and Sampling

Overview

In this assignment, you will prepare a 2–3 page report that addresses the requirements specified in the case. Fully address each requirement and include at least two current references to scholarly and/or authoritative sources.

Instructions

Specifically you will be required to:

1. Explain the effects on the account of the opening of the first retail store.  Consider and explain the effects of the opening of Cloud 9's first retail store on its accounts. 
2. Describe how the business change will affect audit risk components.
3. Determine expected changes to inventory transactions and balances and specify which will be most affected by the business structure change.
4. Describe the population(s) and recommend a sampling approach for substantive inventory testing.
5. Use at least two current, quality academic or authoritative sources in this assignment. Note: Wikipedia and similar websites do not qualify as quality scholarly and/or authoritative sources. Use the Strayer University Library to conduct your research.