ACC/490 ACC490 ACC 490 week 3 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.
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Prepare a 350-word response to following questions after completing the simulation:
Ã‚Â·Â Â Â Â Â Â Â Â Why do certain accounts have to be audited 100%?
Ã‚Â·Â Â Â Â Â Â Â Â Why is materiality allocated only to those accounts that are sampled?
Ã‚Â·Â Â Â Â Â Â Â Â 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?