In relation to long-term specialist helicopter support service contracts, which of the following statements summarizes a key inherent audit risk regarding revenue recognition?

When an audit is continuously or periodically undertaken within an organization to check internal financial controls, operational efficiency, and irregularities, it is classified as which type of audit?

A company generates a significant portion of its revenue from a single contract with the police force, which is now due for renewal. Which TWO of the following are valid auditor responses to assess this situation? 1. Review contracts with other customers to check for break clauses. 2. Contact the customer directly to request confirmation on whether the contract will be renewed. 3. Review the short-term and long-term funding facilities available to the company. 4. Consider whether the financial statements contain appropriate disclosures in relation to this material matter.