Resources: Assessing Materiality and Risk located on the Week Two Materials page
Complete the simulation and prepare a 350-word total (not per question) response to the following questions:
- Why do certain accounts have to be audited 100%?
- Why is materiality allocated only to those accounts that are sampled?
- Is any component of audit risk within the control of the auditor? Explain.
- How are the three risks that make up audit risk interrelated?
ACC 491 Week 3 Team Assignment Assessing Materiality and Risk Simulation
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