Assessing the risk of material misstatement is closely related to each of the following except
A) the auditor's overall audit responsibilities.
B) the auditor's materiality and audit planning.
C) not a critical consideration in most financial statement audits.
D) the auditor's review of the key transaction cycles and associated audit objectives.

Question

Quizplus · Accepted Answer

Assessing the risk of material misstatement is a critical consideration in financial statement audits, and is closely related to the auditor's overall audit responsibilities, materiality and audit planning, as well as the auditor's review of the key transaction cycles and associated audit objectives. Option C is incorrect as it is not related to the topic at hand.

Assessing the Risk of Material Misstatement Is Closely Related to Each