ACC 491 Week 3 Team Assignment Assessing Materiality and Risk Simulation

May 1st, 2015
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ACC 491 Week 3 Team Assignment Assessing Materiality and Risk Simulation

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Assessing Materiality and Risk SimulationAcc 491 Assessing materiality and risk simulationAuditors are under time restrictions when performing an audit, because of this there is only time to audit three accounts 100%. The accounts that are chosen are the ones that would be the most important to financial statement users, and may include cash, lines of credit, and intangibles. The other accounts that are looked at are only sampled, usually due to the high volume of transactions in these accounts; these accounts would include accounts payable and inventory. Because the other accounts are only sampled there is a materiality figure associated with these. This is the amount of misstatement that may be tolerated, and not make a big impact on the overall statements of the company. The other accounts that are 100% audited do not need a materiality figure ass

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