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AAF8
Syllabus B. Planning and risk assessment

Syllabus B3. Assessing Audit Risks 3 / 7

a) Explain the components of audit risk.

b) Describe the audit risks in the financial statements and explain the auditor’s response to each risk.

c) Define and explain the concepts of materiality and performance materiality.

d) Explain and calculate materiality levels from financial information.
Assessing Audit Risks