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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