SWOT Analysis - Identify the weaknesses that will assist in evaluating business risk & indicate how these affect the audit of financial report SWOT Analysis - Identify the threats that will assist in evaluating business risk & indicate how these affect the audit of financial report. Explain the effect on inherent risk of CFLs relationship with the department store Indicate two financial report items that would be affected and the assertions most at risk. Identify six application controls present within the payroll system that you may be able to place reliance on, and explain why each is a control @ 1 mark each. Explain the implications of the errors noted in the tests of controls – 4 exceptions @ 1.5 marks each. Provide 2 examples of CAATs that could be undertaken using generalized audit software to assist with the audit of the valuation and allocation assertion for inventory @ 1.5 mark each