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In Feb 20X3, a protester suffered a broken leg, allegedly because he was hit by...

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Accounting

In Feb 20X3, a protester suffered a broken leg, allegedly because he was hit by a company truck. The protester is now suing Luxury Furniture for damages, claiming the contractor was in fact an employee of Luxury Furniture at the time of the accident, and was acting on Luxury Furnitures instructions. Luxury Furniture is fighting the case and appears to have a reasonable chance of winning; however, the adverse publicity being generated is making the company nervous about its sales in the future.

Identify key account balances from the information provided that are subjected to an increase in audit risk. Briefly explain what factors increase the audit risk associated with the four (4) account balances identified. In your explanation, please mention the key assertion(s) at risk of material misstatement for each account balance identified.

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