While assessing the risk of material
misstatement, the auditors identity risks,
relate risk to what could go wrong, consider
the magnitude of risks and:
a. Assess the risk of misstatements due to
noncompliance to laws and regulations.
b. Consider the complexity of the
transactions involved.
c. Consider the likelihood that the risks
could result in material
misstatements.
d. Determine materiality level.
misstatement, the auditors identity risks,
relate risk to what could go wrong, consider
the magnitude of risks and:
a. Assess the risk of misstatements due to
noncompliance to laws and regulations.
b. Consider the complexity of the
transactions involved.
c. Consider the likelihood that the risks
could result in material
misstatements.
d. Determine materiality level.