Question: Q1) Explain the relationship between the acceptable level of detection risk and the sample size to be used. Q2) A client currently being audited has

Q1) Explain the relationship between the acceptable level of detection risk and the sample size to be used.

Q2) A client currently being audited has an inventory with a historical cost of $1,450,000 and an NRV (net realizable value) of $1,200,000. What is the correct value of the inventory, and why?

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