Risk assessment procedures

Is performed 1st thing by auditor, even before forming an overall audit strategy, audit plan because he has to obtain and understanding of the entity and its related internal control to identify and assess the risks of material misstatement whether due to fraud or error at fs and assertion levels. Am i correct?

Kumarjit Dey

Kumarjit Dey

CA Inter


01-Dec-20 21:13


Answers (1)

Best Answer

Yes. And it continues as a part of audit strategy and plan as well.

Suraj Lakhotia

Suraj Lakhotia


02-Dec-20 08:07