What is the purpose of audit risk assessment

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Reference no: EM131380040

1. What is the purpose of audit "risk assessment"? What are its objectives, and why is it important in assessing the likelihood that fraud may occur?

2. Distinguish between an auditor's responsibilities to detect and report errors, illegal acts, and fraud. What role does materiality have in determining the proper reporting and disclosure of such events?

Reference no: EM131380040

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