Saica Practice Test & Exam Prep | South Africa

Under ISA 315 (Revised), what is a 'significant risk' in audit planning?

An identified and assessed risk of material misstatement that, in the auditor's judgment, requires special audit consideration Any risk that causes stock prices to fluctuate by more than 5% A risk that relates exclusively to petty cash disbursements A risk that management refuses to discuss during audit planning

Correct Answer:

An identified and assessed risk of material misstatement that, in the auditor's judgment, requires special audit consideration

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