How are the three risks that makeup audit risk interrelated

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Reference no: EM13824047

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?

Reference no: EM13824047

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