ACC 491 Week 3 Assessing Materiality and Risk Simulation
Resources: Assessing Materiality and Risk Simulation
Complete the simulation and prepare a 350-word 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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