Describe the steps in Figure 8.2, which is the flowchart for the primarily substantive approach.

Data From Figure 8.2

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For the appropriate assertions, obtain an understanding of relevant internal control structure policies and procedures-docu- ment the understanding. Assess control risk at maxi- mum if the evidence ob- tained calls for this assess- ment (the procedures used to obtain the understanding do not require tests of con- trols) or Assess control risk at less than maximum (perhaps at slightly less than maximum (the procedures used to ob- tain the understanding in- clude tests of controls and thus allow the auditor to make the lower assessment). No Is it likely that additional evidence can be obtained to support a further reduction in the assessed level of control risk and is it efficient? No Yes Perform additional tests of controls-re- assess control risk and decide whether that level of control risk supports the planned level of substantive tests. If the level of control risk supports the planned level of substantive tests, or If the level of control risk does not support the planned level of substantive tests, revise the planned level of substantive tests.