Please keep your answers down to at least one paragraph, this is just a conversation not an essay area.

1. Materiality factors:

What factors affect an auditor’s preliminary judgment about materiality?

2.Business Risk and Impact on AAR:

There are several factors that affect an audit firm’s business risk and, therefore, acceptable audit risk. What are these factors? How do they affect our audit planning?

3. Understanding Internal Control:

There are four steps in the auditor’s process of understanding internal control and assessing control risk for a public company. The first step is to obtain and document an understanding of internal control: design and operation. What are the remaining three steps?