ACCT325-1404B-01 Auditing Task
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Primary Task Response:Within the Discussion Board area, write 400–600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas:
There are many types of risk that come into play during the audit process. Describe the following four main risks:
- Business risk
- Financial reporting risk
- Engagement risk
- Audit risk
In your each of your descriptions, provide at least 1 example scenario, and answer the following:
- How would each of your examples be mitigated?
- Which do you feel would be the hardest to mitigate? Why?
- How does materiality play into the risk analysis?