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Question 19 9 points Answe Prior to beginning or accepting an audit assignment, the auditor...

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Question 19 9 points Answe Prior to beginning or accepting an audit assignment, the auditor will assess the risk to the firm they represent of particular concern is the risk the auditing firm will be exposed to both professionally and legally, in the event of a poorly received audit opinion. What is the impact of Materiality upon the auditor's Interpretation of risk for a given client. Required: The loase agreement on a long-term finance lease related to an apartment building in Dubai that Emaar Properties, has acquired for its business needs, is currently not on the balance sheet of the company Presently, the lease is being treated as an operating lease on the account for operational expenses. The lease agreement is for 10 years at a cost of AED 15 million. However, the E&Y audit team wishes to give Emaar an opportunity to correct this material item before they issue the final Audit Report. They advise Emaar's management to the correct treatment of the leases, according to International Accounting Standards 17-Leases: TTT Arta 3120 + T. - E

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