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ACC 491 Week 3 Team Assignment Assessing Materiality and Risk Simulation
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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?
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