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Respond to these following questions and explain. Assess why auditors spend so much time...

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Accounting

Respond to these following questions and explain.

  • 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.

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