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Explain why decisions about acceptable audit risk, inherent risk, the preliminary judgment about materiality and performance materiality should be made early in the audit during

  1. Explain why decisions about acceptable audit risk, inherent risk, the preliminary judgment about materiality and performance materiality should be made early in the audit during the planning phase.

  1. Briefly summarize the information included in PCAOB AS 2110 .49-.53. How does this guidance have an effect on how we perform an audit?

  1. Using PCAOB AS 2110, what is the difference between a Significant Risk and Fraud Risk? Are there any items that the auditor should presume is a fraud risk? Why do you believe this is the case?

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