Which of the following is least likely to be considered a risk assessment procedure? A)Observation of the physical count of inventory. B)Analytical procedures. C)Application of data analytical procedures. D)Inspection of receiving reports.

Question

Quizplus · Accepted Answer

Observation of physical count of inventory is not a risk assessment procedure as it is a procedure used to obtain evidence about the existence and completeness of inventory, rather than assessing the risk of material misstatement in the financial statements. Analytical procedures, application of data analytical procedures, and inspection of receiving reports are commonly used risk assessment procedures.

Which of the Following Is least Likely to Be Considered