Describe what is meant by acceptable audit risk. Explain whyeach of the following statements is true:a. A CPA firm should attempt to achieve the same audit risk for all audit clients whencircumstances are similar.b. A CPA firm should decrease acceptable audit risk for audit clients when external usersrely heavily on the statements.c. A CPA firm should decrease acceptable audit risk for audit clients when engagementrisk is high.d. Different CPA firms should attempt to achieve reasonably similar audit risks forclients with similar circumstances

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