Resources: Assessing Materiality and Risk simulation on student website
Complete the Assessing Materiality and Risk simulation located on the student website.
Prepare a 350-word response to following questions after completing the simulation:
· 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 inter-related?
Resources:Modern Auditing: Assurance Services and the Integrity of Financial Reporting
Ch.11: Case 11-31
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