ACC 490 Week 3 Team Assignment Assessing Materiality and Risk Simulation Get A Grade Work Use As a Guide Only
in Accounting by neel
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Description
Assessing Materiality and Risk Simulation
Name
ACC/490
Date
Instructor Name
Assessing Materiality and Risk Simulation
The Assessing Materiality and Risk simulation identifies risks and important components of the auditing process. Some accounts must be audited 100%, whereas some are sampled. Other accounts require a combination of details and components to achieve precise results. Three risks that make up audit risk are interrelated.
Risks
The three interrelated risks are inherent risk (IR), control risk (CR), and detection risk
(DR). This interrelation is perceived when the organization is sensible to material misstatement
(undetected in a poor control environment) propelling inherent risk to a high level and
consequently causing higher control risk and higher detection...
