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ACC 491 - Week 3 - Materiality and Risk Simulation

ACC 491 - Week 3 - Materiality and Risk Simulation
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ACC 491 - Week 3 - Materiality and Risk Simulation

Assessing Materiality and Risk Simulation Assignment:

Resources: Assessing Materiality and Risk located on the Week Two Materials page

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?