ISA 315 Quiz
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Questions and Answers

What is the main objective of NIA 315?

  • Assessing and responding to the risks of material misstatement through understanding the entity and its environment (correct)
  • Providing guidelines for internal control systems
  • Reviewing the accuracy of tax filings
  • Establishing financial reporting standards

    • What does NIA 315 emphasize regarding internal control?

  • Ignoring internal control in the audit process
  • Understanding the entity's internal control relevant to the audit (correct)
  • Implementing new internal control systems
  • Outsourcing internal control functions

    • What is the role of NIA 315 in the audit process?

  • Identifying and assessing the risks of material misstatement (correct)
  • Providing legal advice to the entity
  • Issuing financial statements
  • Conducting tax audits

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