In designing further audit procedures, the auditors should assess the risks of material misstatement of the financial
Question:
a. Describe the auditors’ general approach to such risk assessment.
b. Identify potential responses to financial statement level risks.
c. Explain what is meant by a significant risk.
d. Describe how a significant risk should be treated in an audit.
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a The general approach followed during risk assessment is to use all the evidence obtained about the ...View the full answer
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Related Book For 
Principles of Auditing and Other Assurance Services
ISBN: 978-0078025617
19th edition
Authors: Ray Whittington, Kurt Pany
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