Auditing standard indicate that if the auditor identifies a significant risk at the assertion level,the auditor is not required to perform substantive procedures.

Question

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If the auditor identifies a significant risk at the assertion level, the auditor is required to perform substantive procedures to obtain sufficient appropriate audit evidence to respond to the risk. This is outlined in auditing standards such as ISA 330 and PCAOB AS 1210.

Auditing Standard Indicate That If the Auditor Identifies a Significant