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What is the BIG DEAL about RISK

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Question - What's the BIG DEAL about RISK?

1. What procedures would you perform during the risk assessment process? Why would you choose these procedures?

2. Besides inquiring from the management involved in preparing the financial statements, who else should you inquire from as part of your risk assessment procedures? Describe how these individuals might be helpful to you in assessing risks of material misstatement?

3. When the auditor determines that a risk of material misstatement is considered a significant risk, what are the next steps that the auditor may likely perform?

Reference no: EM132939744

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