SAICA APC Practice Questions - SAICA Assessment Of Professional Competence (APC) Exam

Under ISA 315 (Revised), what is the primary purpose of performing risk assessment procedures during audit planning?

To obtain absolute assurance that no fraud exists in the financial statements To identify and assess the risks of material misstatement at the financial statement and assertion levels To issue an audit opinion before fieldwork begins To calculate the final tax liability for SARS filing

Correct Answer:

To identify and assess the risks of material misstatement at the financial statement and assertion levels

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