Acc 490 week 3 Learning Team Assignment Assessing Materiality and Risk Simulation - 1751

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1.     Learning Team Assignment: Assessing Materiality and Risk Simulation

 

·         Resources: Assessing Materiality and Risk simulation on student Web site

·         Complete the Assessing Materiality and Risk simulation located on your student Web site.

·         Prepare a 350-word response to following questions after completing the simulation:

 

o    Why do certain accounts have to be audited 100%?

o    Why is materiality allocated only to those accounts that are sampled?

o    Is any component of audit risk within the control of the auditor? Explain.

o    How are the three risks that make up audit risk inter-related?