Canadian Auditing Standards (CASs)require that an audit be conducted using
A)a controls-testing approach.
B)a risk-assessment approach.
C)a substantive approach.
D)a standard approach.

Question

Quizplus · Accepted Answer

Canadian Auditing Standards (CASs) require that an audit be conducted using a risk-assessment approach. This involves identifying and assessing the risks of material misstatement in the financial statements, and designing audit procedures to address those risks. While controls testing and substantive testing are also important components of the audit, they are not the overarching approach required by the standards. A "standard approach" is not a recognized term in auditing.

Canadian Auditing Standards (CASs)require That an Audit Be Conducted Using