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1. In your own words, briefly define audit risk and identify its components. 2. How does the audit risk model help auditors assess and respond

1. In your own words, briefly define audit risk and identify its components.

2. How does the audit risk model help auditors assess and respond to risks in the planning process?

3. What is the auditors responsibility regarding fraud?

4. What are the types of fraud and errors that can occur for a client?

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