Which risk assessment procedures are used to obtain an understanding of the entity and its environment, including its internal control?

Question

Quizplus · Accepted Answer

All of the above procedures (inquiries of management, analytical procedures, and observation) are used to obtain an understanding of the entity and its environment, including its internal control. This understanding is essential for identifying and assessing the risks of material misstatement in the financial statements.

Which Risk Assessment Procedures Are Used to Obtain an Understanding