Adequate planning and execution to reduce risk to an acceptable level is a requirement of which category of Canadian auditing standards (CAS)?
A)purpose of audit
B)performance responsibility
C)personal responsibility
D)reporting

Question

Quizplus · Accepted Answer

Planning and execution to reduce risk to an acceptable level fall under the performance responsibility category of Canadian auditing standards (CAS). This category outlines the auditor's responsibility for understanding the entity and its environment, assessing the risks of material misstatement, and designing and performing audit procedures to address those risks. The purpose of audit category outlines the overall objective of the audit, personal responsibility category covers the ethical and professional requirements of auditors, and the reporting category addresses the communication of the audit findings.

Adequate Planning and Execution to Reduce Risk to an Acceptable