One of your junior staff has prepared some slides for a presentation to a client on the practical procedures involved in auditing. The slides contain the following statements:
a) Materiality is generally defined as being about 5 per cent of gross profit or 10 per cent of net profit.
b) Audit sampling depends on the level of materiality - the higher the level the less work you need to do.
c) Audit risk and business risk are more or less the same.
d) Analytical procedures should only be used as a final procedure at the end of the audit just to check the figures look OK.
e) Auditors need to select samples which represent the population as a whole.
f) Providing the financial statements comply with the law auditors have to accept them.

Discussion
– Which of these should you remove from the slides before the presentation is given and why?