Assessing Auditing Risks

Financial reporting framework

Regulatory factors

Internal control systems (correct)

Industry factors

To determine the nature of the entity

To identify fraud and errors (correct)

To evaluate internal control systems

To review financial performance

Assessing internal control systems (correct)

Understanding the entity's financial performance

Identifying industry factors

Reviewing the financial reporting framework

<p>Measurement of financial performance</p> Signup and view all the answers

<p>To prioritize audit procedures</p> Signup and view all the answers