Resources: Assessing Materiality and Risk simulation on student website

Complete the Assessing Materiality and Risk simulation located on the student website.

Prepare a 350-word response to following questions after completing the simulation:

·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.