SOLUTION: ACCT 401 Saudi Electronic University Risk Assessment Discussion

Attached. Please let me know if you have any questions or need revisions.riskby Aa AaSubmission date: 14-Nov-2020 03:55AM (UTC-0500)Submission ID: 1445842737File name: Risk_Assessment.edited.docx (17.96K)Word count: 485Character count: 2771riskORIGINALITY REPORT0%SIMILARITY INDEX0%0%0%INTERNET SOURCESPUBLICATIONSSTUDENT PAPERSPRIMARY SOURCESExclude quotesOnExclude bibliographyOnExclude matchesOffRunning had: RISKS1Risk AssessmentNameInstitutionDateRISKS2Question 1Inherent Risk Assessment- Prepaid expenseFirst of all, an inherent risk assessment is performed by an auditor. An inherent risk, per se, isprimarily assessed by an auditor’s judgment and knowledge concerning the industry, the assetsowned by a firm, and the transactions occurring in a given organization (Florea & Florea,2012). Normally, the auditor assesses every audit either high, medium, or low in inherent risk.In this regard, a prepaid expense, an inherent risk, is often termed as low as it does not entailany contentious accounting issues or complex transactions. As a common other asset, a prepaidexpense often includes prepaid rent, insurance, and interest.Inherent Risk Assessment – Intangible AssetsUsually, intangible assets are those that generate economic benefits for over a year; however,they lack physical subsistence. There are five distinct categories of intangible assets: contract,customer, artistic, technology, and marketing (Florea & Florea, 2012). Therefore, for anintangible asset, the inherent risk is often assessed as high due to the lack of physical existenceof assets. The rules are inherently complex, and the accounting difficult i…

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