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      Question

      According to SA 315, which of the following is part of

      understanding the entity and its environment?
      A Understanding prior period adjustments Correct Answer Incorrect Answer
      B Understanding internal control relevant to financial reporting Correct Answer Incorrect Answer
      C Performing substantive procedures Correct Answer Incorrect Answer
      D Performing final analytical review Correct Answer Incorrect Answer
      E Drafting the management representation letter Correct Answer Incorrect Answer

      Solution

      • SA 315 emphasises risk assessment through understanding the entity, its environment, and internal controls.

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