May 17th, 2015
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Assessing Materiality and RiskCertain accounts must be audited 100% depending on how important they are and the potential errors that could be found. Accounts like Cash, Lines of Credit, and Intangibles are very important in this simulation, mainly because they are more liquid accounts and do not have as many transactions as other accounts. Other accounts have many transactions and can be too tedious to go threw a 100% audit like, Inventory, Accounts Payable, and Property, Plant, and Equipment. Cash is important because it indicates the liquid situation of the company at any given point of time. Lines of credit are the money that is owed to the company by customers for services rendered or goods sold. Intangibles are assets that do not have material value, but are expected to confer future benefits and include categories like goodwill, patents, copyrights, and trademarks.Materiali

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