Why do auditors establish a preliminary judgment about materiality? A. To finalize the control risk assessment B. To determine the appropriate level of staff to assign to the audit C. To help plan the appropriate evidence to accumulate D. So that the client can know what records to make available to the auditor The objective of an audit of the nancial statements is an expression of an opinion on: A. the accuracy of the financial statements. B. the accuracy of the balance sheet and income statement. C the accuracy of the annual report. D. the fairness of the nancial statements in all material respects. Business risk: A. is the risk that the client's internal controls will fail. B. cannot be mitigated by management. C. is the risk after considering the effectiveness of top management controls. D. can include a new technology which threatens to erode a company's competitive advantage