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Assessing Materiality and Risk Simulation1Assessing Materiality and Risk SimulationAcc 491Assessing Materiality and Risk Simulation6-26 (Audit programs and assertions)Assume that you are responsible for developing an audit program for a manufacturingclient that sells to over 1,400 customers. You want to ensure your audit program addressesall relevant assertions for sales and accounts receivable. Address the following question inthe context of the audit sales and receivables for this manufacturing client.As per Generally accepted auditing standards (AU 311.05) state that in planning theaudit, the auditor should consider the nature, extent, and timing of work to beperformed and should prepare a written audit program for every audit the purpose oftaking such steps will assist on planning and documenting an action plan to ensuretakingneeded steps to obtain reasonable assurance that the financial statements are presentedfairly in all material respectsThe important factor about identifying auditing assertion such as existence or occurrence,completeness, rights and obligations, valuation or allocation, presentation and disclosurespecific audit objectives

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