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Resource: Modern Auditing: Assurance Services and the
Integrity of Financial Reporting
Prepare written answers to the following assignments:
1. Chapter 5: Comprehensive Questions 5-30 – Assertions
2. Chapter 6: Comprehensive Questions 6-22 – Audit Evidence
3. Chapter 7: Comprehensive Questions 7-22 – Understanding
the Entity and its Environment
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ACC 491 Week 3 Team Assignment Assessing Materiality
and Risk Simulation
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Resources: Assessing Materiality and Risk located on the Week
Two Materials page
Complete the simulation and prepare a 350-word total (not per
question) response to the following questions:

Why do certain accounts have to be audited 100%?

Why is materiality allocated only to those accounts that
are sampled?

Is any component of audit risk within the control of the
auditor? Explain.

How are the three risk s that make up audit risk
interrelated?
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