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...

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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.

  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 theStrayer University Libraryto conduct your research.

Answered 1 days AfterMay 14, 2021

Answer To: In this assignment, you will prepare a 2–3 page report that addresses the requirements specified in...

Tanmoy answered on May 15 2021
144 Votes
Assignment
Explain the effects on the account of the opening of the first retail store
If we open a first retail store, it must be operated based on just-in-time approach
inventory management system. Through this process the inventory management system of the retail store will be linked with its various warehouses and distribution centers in the place of its operation. Suppose it’s the first Mi9 retail store in Buffalo, New York which is located in the suburbs, the retailer will still try to automate and optimize the merchandize through planning of the demand. It will implement the new merchandize management mobile application (MMA). The MMA will be a comprehensive in-store inventory management which will help in purchase, receiving, stock distribution, transfers and adjustment of the inventories. This process will be on a real time basis which will be accessed by the store and the retail associates of the retail store. Although there will be few hiccups in determining which will be the ideal and appropriate stock quantities which needs to be maintained for the first retail store to make its availability in plenty for the customers. Ever since opening of the first Mi9 retail store there has been issues like changes in accounts, theft of merchandise and poor shelf management (PR Newswire US, 03/17/2021).
Describe how the business change will affect audit risk components
There will be installation of CCTV cameras inside the store. This will increase the inherent risks which are due to the technological expansion in the Mi9 retail sector. Also there will be increase in the obsolescence risks as the Mi9 mobile will be quickly replaced by another more competitive, costly and varied feature...
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