Risk assessments and the results of any control testing are taken into account in selecting the nature,timing,and extent of further substantive procedures.

Question

Quizplus · Accepted Answer

Risk assessments and control testing results are important factors in determining the appropriate nature, timing, and extent of further substantive procedures during an audit. This helps ensure that the audit is planned and performed effectively, with a focus on areas of greater risk of material misstatement.

Risk Assessments and the Results of Any Control Testing Are