a. Assess likelihood of misstatements in financial statements. b. Issue audit report. c. Accumulate final evidence d. None of them. 7. In planning phase we will hold entrance meeting 8. Time and Money are types of output of audit process model 9. Interview of key staff on procedures will be in reporting phase. True False 10. If the auditor plan to reduce assessed level of control risk, so he/ she will go directly to perform substantive tests of transactions. True False 11. Gather information to assess fraud risk, it will be in phase 2 . 12. In phase 3 , there are two levels of risk: 12. In phase 3 , there are two levels of risk. D True False