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your assistance is greatly appreciated.Please answer the following attached 1. What is the audit risk model and its components? Of what importance is this to

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your assistance is greatly appreciated.Please answer the following attached

image text in transcribed 1. What is the audit risk model and its components? Of what importance is this to auditors? 2. What factors affect an auditor's preliminary judgment about materiality? 3. What might cause an increase or decrease in planned detection risk? 4. Let's assume that a CPA is using 5% of net income as the major guideline for evaluating materiality? What qualitative factors should also be taken into consideration? 5. how are the responsibilities of management and external auditors different for the internal controls system? 6. describe each of the three broad objectives management typically has for internal control. With which of these objectives is the auditor primarily concerned? 7. what is the auditor's responsibility for obtaining an understanding of internal control? Does this differ for the audits of public vs nonpublic companies? 8. What are the inherent limitations of internal control? 9. what is the purpose of an internal control walk-through? 10. the separation of operational responsibility from record keeping is meant to prevent different types of misstatements than the separation of custody of assets from accounting. What is the difference in the purpose of these two separations of duties

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