If the auditees revenue transactions for the year are material but the auditor assesses the risk of

Question:

If the auditee’s revenue transactions for the year are material but the auditor assesses the risk of material misstatement to be low, why do the audit standards require the auditor to design and perform substantive procedures for these transactions regardless of the low risk assessment?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Auditing An International Approach

ISBN: 978-0071051415

6th edition

Authors: Wally J. Smieliauskas, Kathryn Bewley

Question Posted: