Consideration of risk factors and materiality is most associated with which audit stage?
A)Collection of audit evidence.
B)Communication of audit results.
C)Audit planning.
D)Evaluation of audit evidence.

Question

Quizplus · Accepted Answer

The consideration of risk factors and materiality is crucial during the audit planning stage as it helps in determining the audit approach, scope, and procedures to be followed during the audit. This stage involves identifying and evaluating significant risks that may affect the financial statements materially and planning the audit work accordingly.

Consideration of Risk Factors and Materiality Is Most Associated with Which