The risk assessment phase of an audit does not include: a. gaining an understanding of the client. b. audit execution and reporting. c. identification of factors that may affect th... The risk assessment phase of an audit does not include: a. gaining an understanding of the client. b. audit execution and reporting. c. identification of factors that may affect the risk of a material misstatement in the financial statements. d. development of an audit strategy and a risk and materiality assessment.
Understand the Problem
The question is asking to identify which aspect does not belong to the risk assessment phase of an audit, presenting four options related to the audit process.
Answer
Audit execution and reporting.
The risk assessment phase of an audit does not include audit execution and reporting.
Answer for screen readers
The risk assessment phase of an audit does not include audit execution and reporting.
More Information
During the risk assessment phase, the focus is on understanding the client, identifying risks, and planning the audit strategy. Execution and reporting come after this phase.
Tips
A common mistake is confusing the planning and strategy development with the execution and reporting, which occur in later stages.
Sources
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