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Why auditors spend so much time planning an audit

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Reference no: EM132937868

Question -

-Assess why auditors spend so much time planning an audit.

-Why would auditors use a risk-based approach when planning an audit? How does risk relate to internal controls? 

-Explain the importance of materiality during the planning phase of an audit. Describe steps that auditors take to address fraud risk during the planning phase of the audit. 

-Summarize management override, and why auditors are concerned with it.

Reference no: EM132937868

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