You are a senior auditor in the firm of EA Partners. The firm has engaged a new client and has requested you to compile an audit risk assessment of the client. The audit risk report will be used as part of the initial stage of audit planning and preparation. You have been chosen to undertake the analysis because you are familiar with the industry in which the client is situated and your fellow seniors believe this will give you an advantage when uncovering the inherent risks of the new client. Your fellow seniors look forward to reading your report. Task Choose a company in an industry with which you are familiar or in which you are interested. You may be connected to the industry because of a family business, you may have worked in the industry or you may be interested in the industry. You are required to perform an audit risk assessment of the new client using any research means at your disposal. Include in your research information released by the organisation (including its Financial Report), media (news, newspapers, or industry magazines) and academic information. Besides, put some auditing or accounting standards to back up the theory. Your analysis should include the relevant inherent risks considered at specific account / cycle level, including your rationale for your assessment. After considering the inherent risks, you are required to suggest suitable internal controls (must be reasonable, and can be not very specific) that may mitigate the impact of those identified risks.