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Questions and Answers
What is the main objective of NIA 315?
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?
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?
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
