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In designing further audit procedures, the auditors should assess the risks of material misstatement of the financial statements. Required: a.Describe the auditors' general approach to

In designing further audit procedures, the auditors should assess the risks of material misstatement of the financial statements.

Required:

a.Describe the auditors' general approach to such risk assessment.

b.Identify potential responses to financial statement level risks.

c.Explain what is meant by a significant risk.

d.Describe how a significant risk should be treated in an audit.

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