. Using the SWOT analysis, identify any weaknesses and threats that will assist in evaluating Fashion Adornments Pty Ltd.s business risk and indicate how these may affect the audit of the financial report. 2. The continuation of assignment question above relating to chic fashion (CFL) new fashion Cloths Company. Refer to the background information provided there. (a) Explain the effect on inherent risk of CFLs relationship with the department stores. (b) Indicate two financial report items that would be affected and the assertions most at risk. 3. Identify six application controls present within the payroll system that you may be able to place some reliance on and explain why each is a control. 4. Explain the implications of the errors noted in the tests of controls. 5. (a) Provide two examples of CAATs that could be undertaken using gernelised audit software to assist with the audit of the vvaluation and allocation assertion for inventory of fashion. (b) Provide two examples of CAATs that could be undertaken using generalised audit software (GAS) to assist with the audit of existence for inventory of Fashion Adornments. (c) Give two reasons why you might not use generalised audit software to audit the inventory of Fashion Adornments. 6. Provide your opinion on appropriateness of your audit assistants conclusions in each of the two situations above.
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