Role of control risk assessment in audit planning
Please discuss the given question and use an illustration if possible.
Question: Define control risk and explain the role of control risk assessment in audit planning.
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Please discuss the given question and use an illustration if possible. Question: Define control risk and explain the role of control risk assessment in audit planning.
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Explain how the acceptance of large, high-risk audit clients for relatively high audit fees may threaten an audit firm's de facto and perceived independence. Under what circumstances such prospective clients should be avoided?
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