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The following are the key types of risk that audit firms consider when they make client...

The following are the key types of risk that audit firms consider when they make client acceptance and continuance decisions. Provide examples of each of these types of risk.

1 Client entity characteristics

2 Independence risk factors

3 Third-party/due diligence risk factors

4 Quantitative risk factors

5 Qualitative risk factors

6 Entity organizational or governance risks

7 Financial reporting risks

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