ACCA (AAA) Audit Risks and Risks of Material Misstatement

Hi. I would like to ask, if we were given a question about “audit risk” or “risk of material misstatement” in the AAA exam, is the technique of answering these two questions similar, i.e. figuring out the relevant ISAs, considering appropriate accounting treatment, and the risks involved, and the difference is just that “risk of material misstatement” happens before audit, whilst “audit risk” happens after audit?

Thank you.