Auditing standards require auditors to presume that revenue recognition has low FFR risk. True False The sequence of steps when planning and performing an audit is: Assess inherent risk, perform substantive procedures to manage detection risk to an acceptable level, perform tests of controls, and assess control rist Assess control risk, perform substantive procedures to manage detection ris to an acceptable level, assess inherent risk, and perform tests of controls. Assess inherent risk, perform tests of controls, assess control risk, and perform substantive procedures to manage detection risk to an acceptable level. Assess inherent risk, assess control risk, perform tests of controls, and perform substantive procedures to manage detection risk to an acceptable level