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Explain the basic principles of risk based auditing. Set out five examples each of
-Strategic risks
-Operational risks
Managerial Strategy
The set of actions, plans, and policies devised by management to achieve competitive advantage and meet organizational goals.
Differentiation
The process of distinguishing a product or service from others to make it more attractive to a particular target market.
Cost
The amount of money required to purchase something or the expense associated with producing a service or carrying out a project.
Business Strategies
Comprehensive plans crafted by organizations to achieve competitive advantage, meet customer needs, and ensure long-term profitability and growth.
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