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Auditors assess the risks of material misstatement and then design further audit procedures. Required: a. Describe the auditors' approach to identifying and assessing the

Auditors assess the risks of material misstatement and then design further audit procedures. Required: a. Describe the auditors' approach to identifying and assessing the risks of material misstatement. b. Describe likely responses when an audit is considered to be particularly high risk in terms of material misstatements, including complex transactions.

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