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Explain what is meant by a significant risk

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Reference no: EM132019459

Question - In designing further audit procedures, the auditors should assess the risks of material misstatement of the financial statements.

Required:

Describe the auditors' general approach to such risk assessment.

Identify potential responses to financial statement level risks.

Explain what is meant by a significant risk.

Describe how a significant risk should be treated in an audit.

Reference no: EM132019459

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