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The acceptance of clients and management of audit risk and expectations are decisive factors in limiting the risks faced by audit firms. Required Explain why

The acceptance of clients and management of audit risk and expectations are decisive factors in limiting the risks faced by audit firms. Required Explain why client acceptance decisions are such crucial decisions for auditors to make. (2 marks) Describe the nature of the relationship between materiality and audit risk. (2 marks) Describe how enhancing auditor independence can affect the audit expectation gap. (2 marks)

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