How do I answer this auditing question: Describe how would you perform the following planning...
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Accounting
How do I answer this auditing question:
Describe how would you perform the following planning activities and give reasons as to why you would carry out the procedures mentioned to:
1. Gain an understanding of Grafton (Pty) Ltd and its environment.
2. Gain an understanding of Grafton (Pty) Ltd's internal controls.
3. Identify and assess the risks of material misstatement
4. Make a preliminary judgement of materiality.
Please assist with the best approach to respond to this question.
Thank you.
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