
GreenGrow Limited is a local landscaping company that does household and commercial landscaping.Primarily,it helps businesses select plants and manage the plants.It also has regular maintenance contracts such as watering,weeding,and mowing.In the winter,it has some contracts for managing the indoor plants in shopping malls and does snow clearing to help boost this low-income season.
Joey,the majority shareholder of GreenGrow is ecstatic.He has managed to come in as the low bidder for a new type of contract.He bid on the construction of a track for the track and field area of a local university.A piece of land on the north end of the university is being cleared and GreenGrow will be leveling the land and placing a bed of crushed stone for the track.Joey has just the right person to be in charge.Jack has previous experience working as an assistant on a road crew and knows how to use the surveying equipment needed to keep the track level.This is a big contract,and will increase revenues by one third!
Required:
Assess inherent risk for revenue for GreenGrow Limited.
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q40: Which of the following describes the components
Q41: If inherent risk is considered at the
Q42: If acceptable audit risk is increased,what happens
Q43: How much control does the auditor have
Q44: PA is comparing the liabilities section of
Q46: A PA firm can experience high levels
Q47: Mugsy Brights Limited (MBL)is a private company
Q48: Big Box Distribution Company has an in-house
Q49: If detection risk is reduced,the amount of
Q50: You generally consider your audit client's management
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents