Referencing Styles : Harvard Discuss the steps that you need to consider before accepting to do an audit and apply them to BSF Ltd. If the inherent risk of the BSF Ltd.is estimated as 90% and the control risk and detection risk are estimated at, respectively, 5% and 80%, should your audit firm accept the role of doing an audit of BSF Ltd.? (Discuss and Explain) List and discuss what should be included in an audit program for the BSF Ltd. Your program should include general coverage plus the specific items … View More Discuss the steps that you need to consider before accepting to do an audit and apply them to BSF Ltd. If the inherent risk of the BSF Ltd.is estimated as 90% and the control risk and detection risk are estimated at, respectively, 5% and 80%, should your audit firm accept the role of doing an audit of BSF Ltd.? (Discuss and Explain) List and discuss what should be included in an audit program for the BSF Ltd. Your program should include general coverage plus the specific items covered above. Discuss any concerns the auditor should have for the full set of journal entries of the R&D transactions from 2013 to 2016 (include the grant from CSIRO) and explain your decisions—especially how the CSIRO grant is treated. Remember to check how the R&D costs are allocated between expenses and patent/capital. In a triple-bottom line addendum (i.e. addition) to their GPFS, BSF Ltd. describe their research as being socially responsible and environmentally friendly. Are you willing to sign-off on that statement as being true and fair? (Explain and Support your answer with references to current and recent (e.g. last decade or so) research) BSF Ltd. management asserted in a prospectus that the patent values were predicated on BSF Ltd. having exclusive control over the bacteria-based feeds technology.1 Are you willing to sign-off on that statement as being true and fair? Read Less