The risk response phase of an audit involves
A) evaluating the results of the detailed testing and forming an opinion on the fair presentation of the client's financial statements.
B) the assessment of the audit firm's quality control procedures.
C) the performance of detailed tests of controls and substantive testing of transactions and accounts.
D) gaining an understanding of the client.

Question

Quizplus · Accepted Answer

The risk response phase of an audit involves performing detailed tests of controls and substantive testing of transactions and accounts to respond to assessed risks.

The Risk Response Phase of an Audit Involves