Risk of material misstatement at the assertion level refers to risks that are pervasive to the financial statements as a whole. O is only relevant to account balances. determines the nature, timing, and extent of further audit procedures. consists of business risk and inherent risk. QUESTION 35 Auditors typically rely on internal controls of their private company clients O only as needed to complete the audit and satisfy Sarbanes-Oxley requirements. Oonly if the client asks an auditor to test controls. only if the controls are sufficient to increase control risk to an acceptable level. only if the controls are determined to be effective.