It important for auditors to identify significant risks, as well as any controls that mitigate those risks during the _____ (choose two options).
A)risk assessment phase
B)control risk assessment phase
C)reporting phase
D)conclusion phase

Question

Quizplus · Accepted Answer

Auditors need to identify significant risks and evaluate the effectiveness of controls that mitigate those risks during the risk assessment and control risk assessment phases. This helps the auditor to plan the nature, timing, and extent of audit procedures, and to form an opinion on the financial statements. The reporting and conclusion phases come after the auditor has gathered sufficient evidence to support their opinion.

It Important for Auditors to Identify Significant Risks, as Well