21 May HOW ARE THE THREE RISKS THAT MAKE UP AUDIT RISK INTER-RELATED?
ACC 490 Week 3 Learning Team Assessing Materiality and Risk Simulation
Learning Team Assessing Materiality and Risk Simulation
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?
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