Risk assessment procedure

Auditing

Is RAP a part of planning or performing an audit

Aman Mahajan

CA Final

★ 19K+

15-Sep-21 07:16

607

Answers (1)

Majorly Planning. As per SA 315 para 25 The auditor shall identify and assess the risks of material misstatement at different levels to provide a basis for designing and performing further audit procedures. But para 31 states The auditorâ??s assessment of the risks of material misstatement at the assertion level may change during the course of the audit as additional audit evidence is obtained, then the auditor shall revise the assessment and modify the further planned audit procedures accordingly.

Sudha Reddy

CA Final

★ 20K+

15-Sep-21 16:14