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Explain why decisions about acceptable audit risk

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Discussion questions

1. Explain why decisions about acceptable audit risk, inherent risk, the preliminary judgment about materiality, and performance materiality should be made early in the audit during the Planning phase.

2. Explain how the levels of acceptable audit risk and materiality you selected in this assignment might affect the remainder of the audit. Specifically, what effect would lower levels of acceptable audit risk and materiality have on the audit compared to the levels you selected?

Reference no: EM13849883

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