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1.CPA firms seek to maintain audit risk at a very low level. a) Why this is important? b) Under what circumstances could audit risk exceed

1.CPA firms seek to maintain audit risk at a very low level.

a) Why this is important?

b) Under what circumstances could audit risk exceed the level established by firm policy?

2.An auditor determined overall materiality for the audit of a Las Vegas casino using total assets as

the basis for the calculation. Why would the auditor choose total assets instead of total revenues

or net income?

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