Question
SA 315 requires understanding the entity and its
environment, including internal control, to identify risks of material misstatement. A new auditor is engaged and starts with premises including: business processes, major transactions, organizational structure, IT systems, etc. Which of the following best captures the initial objective under SA 315?Solution
• SA 315’s core requirement is risk assessment via comprehensive understanding of internal controls.
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A shopkeeper marked an article ‘A’ 60% above the cost price and sold it for Rs. 1008 after giving a certain discount while he sold an article ‘B�...
