Problem: Describe the auditing procedures that would be necessary to address the industry specific audit risk.
For example - an industry that relies heavily on leased space would need procedures specific to audit lease accounting; an industry that has a large percentage of intangible assets would require procedures testing the valuation of these assets. There may be more than one area requiring emphasis due to the risk of material misstatement. The industry in question is warehouse club, wholesale retailers. Examples like Walmart, costco, ect