What risks would you consider to be significant risks?Identify the major factors affecting client business risk and acceptable audit risk for this audit.

You are auditing the sales and collection cycle for the Smalltown Regional Hospital, a small not-for-profit hospital. The hospital has a reputa- tion for excellent medical services and deficient record keeping. The medical people have a tradition of doing all aspects of their job correctly, but because of a shortage of accounting personnel, there is […]

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