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What two procedures that the auditor - must perform

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Reference no: EM133122498

Question - Audit risk was defined as the risk the auditor expresses an inappropriate audit report when the financial statements are materially misstated. One way that the auditor reduces audit risk to an acceptably low level is by obtaining an understanding of the entity and its environment

1. Based on his understanding, why the auditor needs to identify those business risks?

2. After the auditor identified those business risks, what two procedures that the auditor - must perform before planning the substantive audit procedures?

Reference no: EM133122498

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