Which of the following items is not one of the seven key steps in performing risk assessment procedures?
A) Develop preliminary audit strategies for significant assertions.
B) Consider audit risk, including the risk of fraud.
C) Test the entity's system of internal control.
D) Make preliminary judgments about materiality.
E) Obtain an understanding of the entity and its environment.

Question

Quizplus · Accepted Answer

Testing the entity's system of internal control is not one of the seven key steps in performing risk assessment procedures. It is a part of the response to assessed risks, not the initial assessment process.

Which of the Following Items Is Not One of the Seven