Identify the heightened audit risks areas of James Cropper Plc and Case Study

Identify the heightened audit risks areas of James Cropper Plc and carry out the audit procedures to reduce audit risk to an acceptable level of one area - Case Study Example The converting segment on the other hand offers picture mat boards printable boards and a selection of of laminated and coated papers. The Technical Fibre Products is in charge of non-woven materials used in different areas such as the engineering of composites thermal insulation, fire protection and other insulations. The areas of operation of the company comprise of Europe, United Kingdom, America, Asia, Africa and Australasia having been headquartered in the United Kingdom. Today’s business has been changing with a very tremendous speed. The business world has become constant in that it is changing constantly making it unpredictable, complex and very volatile. This has in turn changed the previous levels of risks increasing them to tremendous levels. The idea of risk now moves along with all business models, making it one of the very necessary evils. The regulators on the other hand have not been able to deliver any reprieve on the same. They have also complicated their regulations in an effort to control all of these changes in the business world. They have also increased their requirements for transparency from the businesses on how they carry out their businesses (PriceWaterHouse Coopers). For any business in operations one of the most important activities that the business needs to keep in touch properly is on the risk assessment process. This process is explained as the systematic process through which one is able to identify and evaluate events that could affect the achievements of the various business objectives both positively or negatively. Such activities could be both from the interior as well as the exterior meaning that this process should be done from both sides. While risk assessment is important, of more importance is the process through which one is able to extract their real value of the businesses. The main challenge with poor administration of risks is the fact that they still pose a major challenge for business is