ACC 490 Week 3 Learning Team Assignmentin Accounting by Professor1
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ACC 490 Week 3 Learning Team Assignment
Learning Team Ch. 6 & 7 Textbook Exercises
Resources: Ch. 6 & 7 of Modern Auditing: Assurance Services and the Integrity of Financial Reporting
Prepare written answers to the following assignments from the text Modern Auditing: Assurance Services and the Integrity of Financial Reporting:
Ch. 6: Comprehensive Question 6-26 Audit Programs and Assertions
Ch. 7: Case 7-25 New Client Acceptance, Part b
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?