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Hi Tutor,
I’m a little confused about the Audit Planning.
In the BPP revision text the question asks list matters to be documented during audit planning;
a. Identified and assessed risks of material misstatement.
How is that in the planning the audit team have already Identified and assessed risks of material misstatement before the audit has even started?
Is this just a tense issue or am I missing something?
Having assessed the risks of material misstatement, the audit team has to plan how to reduce those risks eg by performing more audit work, getting specialist valuers for some assets etc.
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