Fachprüfung Wirtschaftsprüfer Practice Questions - Austria Fachprüfung Für Wirtschaftsprüfer (Statutory Auditor Examination) Exam

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Under ISA 315 (Revised) and Austrian auditing standards (KFS/PG 1), what is the purpose of the auditor's Risk Assessment Procedures?
Correct Answer:
To identify and assess the Risks of Material Misstatement (RoMM) at both the financial statement level and assertion level (Aussageebene) through understanding the entity, its environment, and its internal control system

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