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The risk that the audit will fail to uncover a material misstatement is eliminated: if a client has strong internal controls.

2.The risk that the audit will fail to uncover a material misstatement is eliminated:
if a client has strong internal controls.
if a client follows generally accepted accounting principles (GAAP).
when the auditor has complied with generally accepted auditing standards (GAAS).
under no circumstances can this risk be completely eliminated.

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Accounting-8220520.doc

2.The risk that the audit will fail to uncover a material misstatement is eliminated: if a client has strong internal controls.
if a client follows generally accepted accounting principles (GAAP)....

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