5. T/F: (1) If control risk and inherent risk are assessed as sufficiently low, substantive...
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Accounting
5. T/F: (1) If control risk and inherent risk are assessed as sufficiently low, substantive procedures can be abandoned completely. (5 MARKS) (2) The audit team is required to discuss the susceptibility of the financial statements to material misstatements.( 5 MARKS) 6. Explain the five elements of an assurance engagement (10 MARKS)
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