Question: You work as the audit manager for MS Auditing. ABC Ltd's Finance Director contacted you after attending a webinar on the importance of corporate governance

You work as the audit manager for MS Auditing. ABC Ltd's Finance Director contacted you after attending a webinar on the importance of corporate governance and internal controls in business success. ABC Ltd. offered an assurance engagement to evaluate their organization's risk management and internal control system. Besides that, he quoted from the webinar that, "Auditors are required to assess risks of material misstatement by developing an understanding of the business risks of an audit client". Required:

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