Pacific GroupPacific Group Ltd (PG) is a publisher of a monthly magazine ‘Sea Discovery’….

Pacific GroupPacific Group Ltd (PG) is a publisher of a monthly magazine ‘Sea Discovery’. Approximately 70% of the magazine’s revenue is derived from advertising, the remainder being subscription income.Individual advertisements, which may be quarter, half or whole page, are priced at 750, 1,250 and2,000, respectively. Discounts of 10% to 25% are given for repeat advertisements and to major advertising customers.PG’s management has identified the following risks relating to its advertising revenues:(a) Loss of revenue through failure to invest in developments which keep the presentation of

Pacific GroupPacific Group Ltd (PG) is a publisher of a monthly magazine ‘Sea Discovery’. Approximately 70% of the magazine’s revenue is derived from advertising, the remainder being subscription income.Individual advertisements, which may be quarter, half or whole page, are priced at 750, 1,250 and2,000, respectively. Discounts of 10% to 25% are given for repeat advertisements and to major advertising customers.PG’s management has identified the following risks relating to its advertising revenues:(a) Loss of revenue through failure to invest in developments which keep the presentation of advertisements up to date with competitor publications (such as ‘The Deep’).(b) Due to unsuitable credit limits being set, business is accepted from a small proportion of advertising customers who are uncreditworthy.(c) Published advertisements may not be invoiced due to incomplete data transfer between the editorial and invoicing departments.(d) Individual advertisements are not charged for at approved rates either in error or due to arrangements with the advertisers. In particular, the editorial department does not notify the invoicing department of reciprocal advertisement arrangements, whereby advertising customers provide PG with other forms of advertising (such as website banners).(e) Individual advertisers refuse to pay for the inaccurate production of their advertisement.(f) Cash received at a front desk, which is significant, may not be passed to cashiers, or be misappropriated.(g) The risk of error arising from unauthorised access to the editorial and invoicing systems.(h) The risk that the editorial and invoicing systems are not available.(i) The computerised transfer of accounting information from the invoicing system to the nominal ledger may be incomplete or inaccurate.(j) The risk that PG may be sued for advertisements which do not meet the British Standards Authority’s ‘Code of Advertising’.Risks are to be screened out, as ‘non-applicable’, if they meet any of the following criteria:(1) The effect of the risk can be quantified and is less than 5,000.(2) The risk is mitigated by an effective risk strategy eg insurance.(3) The risk is likely to be low or its effect insignificant.Those risks not screened out, called ‘applicable risks’, will require further consideration and are to be actively managed.RequiredFor each of the above risks identified by management, evaluate, with a reason, whether it should be considered an ‘applicable risk’.

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